The U.S. Internal Revenue Service (IRS) has announced changes that will expand the streamlined procedures regarding the reporting of foreign financial accounts. According to the IRS, a wider population of U.S. taxpayers living outside the country and, for the first time, certain U.S. taxpayers residing in the United States will be able to benefit from the expanded streamlined procedures. The purpose of these new procedures is to make it easier for taxpayers to disclose foreign financial accounts in cases where prior failure to do so did not involve a willful attempt to evade U.S. tax. In many cases it will be possible for individuals to come into compliance with the disclosure rules with reduced penalties or no penalties.
Download PDF of Flash International Executive Alert: