IRS Assistance Upon Failing to Report Foreign Income

U.S. citizens and residents are required to report all of their worldwide income. In addition, taxpayers are required to report information regarding their foreign bank accounts and foreign owned assets. In recent years, the IRS has been enforcing these laws more aggressively. While the IRS has developed several programs to help taxpayers come into compliance with these laws one of its programs, the Streamlined Domestic Offshore Program has recently been improved.

The Streamlined Domestic Offshore Program provides those who have failed to report foreign income to come into compliance while significantly limiting the possibility of criminal prosecution and paying a reduced penalty compared to that of its counter program Offshore Voluntary Compliance. In order to meet the requirements of Streamlined Domestic Offshore Program, the failure to disclosure cannot be willful, there cannot be a civil or criminal investigation currently taking place and a few other additional requirements. The Streamlined Domestic Offshore Program is available for both U.S. residents and U.S. taxpayer living outside of the U.S. For those with unreported foreign bank accounts, now is the time to take advantage of Streamlined Domestic Offshore Program.

Experts on individual and business tax law can advise you on how to address the IRS upon the failure to report income. The experienced corporate and tax attorneys at Longman & Van Grack can advise you on tax issues and concerns. Call us at (301) 291-5027 for a consultation.