Navigating Tax Compliance

Foreign & Domestic Offshore Procedures

Are you concerned about potential offshore tax noncompliance? The IRS offers a variety of programs, including the Voluntary Disclosure Program (VDP) and Streamlined Filing Compliance Procedures, to help taxpayers comply with their tax obligations. Our experienced team can help you navigate these options and determine the best course of action for your specific situation.

Streamlined Offshore Procedure In 2014, the IRS created the standalone streamlined procedures to assist U.S. and foreign-based taxpayers with offshore amnesty. The procedures require taxpayers to affirm under penalty of perjury that their actions were not intentional. In return, they face significantly lower penalties and may even be exempt from penalties.

Streamlined Domestic Program (SDOP) The Streamlined Domestic Program is reserved for non-intentional U.S. residents who timely file their original tax returns. This program reduces offshore penalties from as high as 50% annually (up to a maximum of 100%) to just 5%. In addition, certain assets, such as RRSPs, are also excluded from penalty calculations.

Streamlined Foreign Program (SFOP) The Streamlined Foreign Program is designed for non-willful foreign residents who can file their original tax returns on time. Furthermore, all tax and asset/account penalties are entirely waived.

The IRS Voluntary Disclosure Program, once named: OVDP (for offshore matters), is a longstanding option for taxpayers. It is typically utilized by those who cannot swear under penalty of perjury that their actions were not deliberate. Recently, the program has undergone an update.

The FBAR Delinquency Procedures may be an option when the only concern is the failure to file an FBAR. These procedures offer a less formal alternative to the Streamlined Procedures and are used by non-willful U.S. residents with no undisclosed income. In this case, the penalties are waived.

FATCA (Foreign Account Tax Compliance Act) issue concerns the reporting of foreign financial assets to the IRS. This can include failure to report income from foreign accounts, failure to file required forms (such as the FBAR), or misreporting of information on these forms.

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