Foreign Accounts and Assets: How I Approach a “Streamlined” Tax Filing Nowadays
Virginia La Torre Jeker, J.D.
US International Tax (NY Bar 1984- current), Forbes Contributor, Forbes, Top 100 Tax Twitter Accounts; Bloomberg Tax Pro to Follow and Bloomberg Tax Author; Quoted NYT, WSJ, Newsweek
The Internal Revenue Service is looking far more carefully at the “non-willful” statement that must accompany a taxpayer’s submission to the special Streamlined Offshore Procedures.??The Streamlined Procedures generally provide a friendlier and less costly approach to bring non-compliant Americans (whether living overseas or living in the USA) back into the US tax filing system.?
Increased IRS scrutiny is, in part, due to the fact that taxpayers are now presumed to have far greater awareness of their tax responsibilities with regard to foreign assets and accounts. Reliance on a tax professional is not an escape and the IRS is being far more strict.
My blog post today explains how I approach preparation of the non-willful statement in today's more exacting tax world.
All the US tax information you need, every week -
Named by Forbes, Top 100 Must-Follow Tax Twitter Accounts @VLJeker
Named by Bloomberg, Tax Professionals to Follow on LinkedIn?
?Subscribe to Virginia – US Tax Talk ?to receive my weekly US tax blog posts in your inbox. My blog specializes in foreign and US international tax issues.
?You can access my papers on the Social Science Research Network (SSRN) at https://ssrn.com/author=2779920