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.
IRS Eases Terms of Offer in Compromise (OIC) Program
IRS offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past.
Credit Suisse Provides IRS Data of U.S. Citizens with Undisclosed Swiss Accounts
Credit Suisse has provided U.S. investigators with the information related to U.S. account holders.