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U.S. citizens and green-card holders (U.S. Person) are subject to taxes on their worldwide income. Along with this, they also need to comply with certain additional filing requirements to report their foreign accounts, foreign assets and foreign incomes. This reporting is required regardless of whether the U.S. person is living in the United States or...
In 2009, the US government began a series of streamlined offshore voluntary disclosure programs (OVDP). These programs were aimed at taxpayers with offshore assets in order to make all, or most, U.S. taxpayers living outside the United States tax-compliant. It was also put in place to prevent tax evasion by taxpayers using offshore accounts. Although...
This new streamlined filing program is designed specifically for low compliance risk taxpayers. All submission will be reviewed by the IRS. Should your returns present a low compliance risk, the IRS will expedite the review and will not assess penalties. Who can file under the ‘Streamlined Filing’ program? You are eligible if you meet the...
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