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Streamlined Filing

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California Taxpayers Should Consult With an International Tax Lawyer Before Disclosing Previously Unreported Offshore Bank Accounts

According to the Internal Revenue Service, millions of American taxpayers currently hold an ownership interest in an unreported foreign bank account. In addition to Swiss bank account holders, dual nationals, United States citizens living abroad, green card holders, and others may have an unreported foreign financial account. Since the Bank Secrecy Act was passed by Congress in 1970, American taxpayers with at least $10,000 in aggregate assets that are held offshore must file an annual report with the IRS.

 

By June 30 of each year, such accounts must be disclosed using the... Read More

Statute of Limitations Varies for IRS Audit of Tax Returns and Foreign Income

In general, the Internal Revenue Service has up to three years from the date a tax return was due to perform an audit and 10 years to collect any taxes owed. Interestingly, filing an amended return does not alter this time limit. Despite this, a number of exceptions may extend the statute of limitations. For example, a taxpayer who failed to report at least one-quarter of his or her income may be audited for up to six years. In addition, the audit timeframe is doubled for individuals who did not report over $5,000 in income that was earned overseas.

 

Normally, a taxpayer’s... Read More

Streamlined Offshore Compliance Procedures Available to Assist Non-Willful Taxpayers in California and Across the U.S.

New streamlined filing compliance procedures designed to encourage United States taxpayers to comply with their foreign tax reporting requirements were recently announced by the Internal Revenue Service (IRS). The new procedures allow an American taxpayer with certain interests in an offshore bank or other financial account to file amended or overlooked federal income tax returns reflecting those assets while facing waived or reduced financial penalties. As part of... Read More

Now is the Time for U.S. Taxpayers Living in Canada to File Delinquent Income Tax Returns

About one million United States and dual citizens call Canada home. Many of these expatriates have mistakenly failed to file their U.S. tax return and other forms because they believed they did not owe a federal income tax. In response to such failures, the Internal Revenue Service offers streamlined filing procedures for Canadian and other expats to disclose their foreign income and become compliant with their federal income tax obligations.

 

Each... Read More

OVDP and Expanded Streamlined Filing Procedures

First in 2009, and again in 2011 and  2012, the IRS initiated the Offshore Voluntary Disclosure Program (OVDP), which is designed to encourage taxpayers with undisclosed foreign accounts to disclose all offshore accounts, bring themselves into full compliance with federal tax law, and reduce their exposure to criminal penalties that could flow from willful violation of the law. The most recent version of this program is an extension of the 2012 initiative. Referred to by the shorthand “2014 OVDP,” it makes significant alterations to the 2012 program, including increasing the miscellaneous... Read More