Irs Announces Reduced Penalties to Come Clean for U.S. Living Abroad
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Summary
WASHINGTON, June 6, 2011 /PRNewswire/ -- In a bid to encourage U.S. taxpayers living abroad to file U.S. tax returns and Report of Foreign Bank and Financial Accounts (FBARs), the IRS has significantly reduced the civil penalties associated with the 2011 Offshore Voluntary Disclosure Initiative. On June 2, 2011, the IRS announced new rules applicable to U.S. taxpayers who live outside the United States.
"This is a much needed development and a welcome relief for U.S. taxpayers living abroad who want to come into compliance with U.S. filing obligations," said Jim Mastracchio, Co-Chair of Baker Hostetler's nationwide tax controversy practice and the head of the firm's Washington, D.C. tax practice. "We have advised a number of U.S. taxpayers living outside of the U.S., and we would expect many to take advantage of the settlement program now that the civil penalties have been substantially reduced."See the full content of this document
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Irs Announces Reduced Penalties to Come Clean for U.S. Living Abroad
To qualify, taxpayers must have resided in a foreign country, complied wi...
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