IRS Updates FAQs for 2012 Offshore Voluntary Disclosure Program
The IRS recently released new Frequently Asked Questions (FAQs) for the 2012 Offshore Voluntary Disclosure Program (OVDP).
IRS Announces New Compliance Procedures for US Taxpayers Living Abroad
On June 26, 2012, the IRS made an Announcement IR-2012-65, rolling out the newest program in a plan to help US citizens residing overseas, as well as dual citizens, to catch up with their US tax filing obligations and provide assistance for people with foreign retirement plan issues. T
Due Date for Filing Foreign Bank Account Reports (FBAR) is Coming Up
The deadline for filing a Report of Foreign Bank and Financial Accounts (FBAR) is approaching and the taxpayers should file their FBAR forms (Form TD F 90-22.1) for the 2011 tax year no later than June 30, 2012.
Recent Developments in Offshore Tax Arena
This case is another example of the government’s efforts to crack down on the offshore tax evasion and enforce FBAR rules. Although not every case where a foreign bank account was not properly reported bears a high risk of criminal prosecution, those type of situations are very sensitive and taxpayers with undeclared foreign bank accounts are encouraged to consult tax attorneys in order to evaluate their options.
IRS Requires US Banks to Report Nonresidents’ Interest Income
New IRS Rules will require U.S. banks to report interest payments to nonresident aliens starting January 1, 2013.