US citizens abroad that may have not realized that they needed to report their foreign bank accounts and other assets to the IRS can still gain compliance. Foreign noncompliance is an important issue that the IRS is always watching over.
The Offshore Voluntary Disclosure Program helps taxpayers that have failed to disclose foreign assets to the IRS. In return for making these assets known to the IRS, the taxpayer will be provided protection from criminal liability and will be given terms for resolving the penalties associated with that obligation.
The IRS has announced that the Offshore Voluntary Disclosure Program is closing on September 28, 2018. It is important for taxpayers that have failed to disclose their assets to take advantage of this program while it is still open.
Contact us if you think you may have possible exposure to unreported foreign assets so we can evaluate and assist you with remedies that are out there now to help your individual situation.
Another amnesty program is the Streamline Filing Compliance Program which allows multiple years of tax returns that have not been filed by those living abroad to be filed without any penalties. This program is not currently on the chopping block, but the IRS has been vocal about ending it.
Amnesty programs are not meant to last forever so taxpayers should expect some more changes in the near future.