In recent years, the IRS, Department of Treasury, and other U.S. regulatory agencies have focused on implementing/enforcing reporting programs to ensure U.S. citizens with foreign income are submitting proper reports to the IRS. One of the reports, the Report of Foreign Bank and Financial Accounts (FBAR) is required to be submitted to the Department of Treasury by June 30, 2015.
Monthly Archives: June 2015
The IRS has recently made some changes to their streamlined offshore compliance program. These changes allow, for the first time, certain U.S. taxpayers that reside in the U.S. to be eligible for the program. Since this is the most significant change, we will first discuss which U.S. taxpayers that reside in the U.S. are eligible to participate in the program.