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San Jose tax lawyer, streamlined compliance, offshore tax evasion, taxpayers, offshore assetsIn a recent blog, we discussed how U.S. taxpayers can become compliant with the IRS’s requirements for reporting foreign financial assets through the Offshore Voluntary Disclosure Program (OVDP). While the OVDP provides people with the ability to address outstanding offshore tax issues, it applies to people who have willfully failed to disclose foreign assets, and meeting its requirements can result in significant expenses but also can avoid significant penalties. For people whose failure to disclose offshore assets was non-willful, another option is available: streamlined compliance.

Eligibility for Streamlined Compliance

Streamlined compliance is available for individual U.S. taxpayers, and it consists of two programs: the Streamlined Foreign Offshore Procedures (for U.S. citizens or lawful permanent residents who lived outside of the United States for at least 330 days in one of the three previous years) and the Streamlined Domestic Offshore Procedures (for U.S. taxpayers who do not meet the non-residency requirement).

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San Jose offshore tax compliance lawyer, OVDP, offshore tax evasion, offshore assets, OVDP processUnder the Internal Revenue Code, taxpayers are required to include all income on their tax return, including interest accrued on funds held offshore.

Under the Foreign Account Tax Compliance Act (FATCA), taxpayers in the United States are required to report financial assets that are held in foreign countries to the IRS. Failure to report their income or these assets can result in both civil and criminal penalties for offshore tax evasion.

To help people and organizations who own offshore funds or assets become compliant, the IRS provides two resolutions: the Offshore Voluntary Disclosure Program (OVDP) and streamlined compliance. In this blog, we examine the requirements and procedures of the OVDP.

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