THE OFFSHORE PENALTY IS LOWERED TO 5% FOR CERTAIN TAXPAYERS
On June 18, 2014 the IRS announced changes to the Offshore Voluntary Disclosure Program providing streamlined procedures to accommodate a wider group of U.S. taxpayers who have unreported foreign financial accounts.For the first time, these procedures are available to certain U.S. taxpayers residing in the United States. To obtain the benefit of the streamline procedures the taxpayer must certify that previous failures to comply were due to non-willful conduct. For eligible U.S. taxpayers residing in the United States, the only penalty will be a miscellaneous offshore penalty equal to 5 percent of the foreign financial assets that gave rise to the tax compliance issue.
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THOMAS F. DILULLO
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| PREPARATION IS THE KEY TO SUCCESS |
| DISCLAIMER Thomas F. DiLullo presents the materials and information contained in this Web site for informational purposes only and they do not constitute legal advice. All of the facts and circumstances of each case must be thoroughly examined before proper legal advice may be given. The materials are not represented to be complete or up-to-date. Accordingly, you should not act or rely on any information in this web site without seeking the advice of an attorney licensed to practice law in your jurisdiction. The materials contained in this Web site do not create and are not intended to create an attorney-client relationship between you and Thomas F. DiLullo. |
