U.S. citizens abroad who are noncompliant with their tax obligations but aren't willfully evading taxes may be able to come into compliance under a new program to be announced by the Internal Revenue Service in a matter of weeks, IRS Commissioner John Koskinen said June 3. “We are well aware that there are many U.S. citizens who have resided abroad for many years, perhaps even the vast majority of their lives. We have been considering whether these individuals should have an opportunity to come into compliance that doesn't involve the type of penalties that are appropriate for U.S.-resident taxpayers who were willfully hiding their investments overseas,” Koskinen said during an Organization for Economic Cooperation and Development forum in Washington. Koskinen told reporters following the event that program details will be issued in the next few weeks.We'll see.
Tuesday, June 3, 2014
IRS to Unveil Compliance Program for U.S. Expats Not Willfully Evading Taxes
From Lydia Beloud at Bloomberg's Daily Tax RealTime:
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We'll see is right. Streamlined was supposed to be so special and it's full of issues. Notice he said "come into compliance that doesn't involve the type of penalties that are appropriate for U.S.-resident taxpayers who were willfully hiding their investments overseas." Wonder how that's going to go over with all those in precisely that situation who entered OVDP/OVDI and paid out the nose, not just $$ but as Just_Me coined CLU's.
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