U.S. citizens abroad who are noncompliant with their tax obligations but aren't willfully evading taxes may be able to come into compliance under a new program to be announced by the Internal Revenue Service.According to prepared Remarks of John A. Koskinen Commissioner Internal Revenue Service Before The U.S. Council For International Business-OECD International Tax Conference on Washington, D.C. June 3, 2014:
"Now, while the 2012 OVDP and its predecessors have
operated successfully, we are currently considering making further program
modifications to accomplish even more.
We are considering whether our voluntary programs have
been too focused on those willfully evading their tax obligations and are not
accommodating enough to others who don’t necessarily need protection from
criminal prosecution because their compliance failures have been of the
non-willful variety. For example, we are well aware that there are many U.S.
citizens who have resided abroad for many years, perhaps even the vast majority
of their lives. We have been considering whether these individuals should have
an opportunity to come into compliance that doesn’t involve the type of
penalties that are appropriate for U.S.-resident taxpayers who were willfully
hiding their investments overseas.
We are also aware that there may be U.S.-resident
taxpayers with unreported offshore accounts whose prior non-compliance clearly
did not constitute willful tax evasion but who, to date, have not had a clear
way of coming into compliance that doesn’t involve the threat of substantial
penalties."
"We expect we will have much more to say on these program enhancements in the very near future. So stay tuned."
Taxpayers Who Wish To Take Advantage
Of These New Compliance Procedures
Must Act Quickly!
Contact the Tax Lawyers at
Marini & Associates, P.A.
for a FREE Tax
Consultation Contact US at
or Toll Free at 888-8TaxAid ((888)
882-9243)
Source
IRS
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