The IRS is Ending OVDP in September 2018. Here are Four Important Alternatives to Become U.S. Tax Compliant

The IRS is Ending OVDP in September 2018. Here are Four Important Alternatives to Become U.S. Tax Compliant
2. IRS Streamlined Filing Compliance Procedures
If you are uncertain as to what you should do, we suggest you arrange an initial consultation with the Law Office of Alexey Manasuev. This way, you can preserve attorney-client privilege before you decide how to proceed further.
In simple terms, this refers to those taxpayers who did not default in disclosing their foreign assets nor do they currently owe any tax. However, they have non-willfully (innocently) not filed the necessary FBAR. Moreover, it also applies when the taxpayer has non-willfully (innocently) not included an asset in a reported FBAR filed prior. The respite is that, if you as a taxpayer are in this situation, you can report these unfiled FBARs and include therein a statement that explains the reason for it being filed after the deadline.
The IRS has made it clear that there is no penalty associated when the FBAR is not filed in this circumstance. However, if the taxpayer comes under investigation and it was revealed that they did in fact willfully not declare a foreign income, penalties will be imposed.
Avoid penalties and prosecutions by making sure that you are U.S. tax compliant!
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