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Rumors were rife for the past few months that there would be changes. Especially with FATCA kicking in on July 1st, and issues with the existing amnesty programs widely known, changes would be a logical step.
To fan the flames, the Commissioner made some leading remarks earlier this month that hinted that changes were imminent.
Yesterday, IRS Commissioner Koskinen’s News Release included the following statement- http://www.irs.gov/uac/Newsroom/Statement-of-IRS-Commissioner-John-Koskinen
The key points to note are –
- Streamlined appears to have been split in 2. Non-resident and Resident.
- The Nonresident program — referred to as Streamlined Foreign Offshore Procedures — is described on a web page titled: U.S. Taxpayers Residing Outside the United States – http://www.irs.gov/Individuals/International-Taxpayers/U-S-Taxpayers-Residing-Outside-the-United-States
- The Resident program — referred to as Streamlined Domestic Offshore Procedures — is described on a web page titled U.S. Taxpayers Residing in the United States – http://www.irs.gov/Individuals/International-Taxpayers/U-S-Taxpayers-Residing-in-the-United-States
- Delinquent FBARs have a separate procedure here – http://www.irs.gov/Individuals/International-Taxpayers/Delinquent-FBAR-Submission-Procedures
- Delinquent International Information Return Submission Procedures are new. This would include forms 5471, 8865 (foreign corporations, foreign partnerships) etc. Note the need for a statement of all facts establishing reasonable cause for the failure to file. Details are here- http://www.irs.gov/Individuals/International-Taxpayers/Delinquent-International-Information-Return-Submission-Procedures
- Finally there is the new OVDP 2014 with new FAQs. Note paragraph 1.1 on the changes from the original OVDP 2012. http://www.irs.gov/Individuals/International-Taxpayers/Offshore-Voluntary-Disclosure-Program-Frequently-Asked-Questions-and-Answers-2012-Revised
As always you should contact a US qualified tax professional before making such an important step.
