In Chuck Rettig’s Forbes blog post, he has written about the choosing between the IRS OVDP and its Streamlined Filing Compliance Procedures. His post begins as follows:
The IRS recently announced Streamlined Filing Compliance Procedures in an effort to encourage U.S. taxpayers to come into compliance with their reporting and filing requirements associated with varying interests in foreign financial accounts and assets. The streamlined procedures require the filing of original (for non-residents) or amended (for residents) tax returns. Such tax returns must not only report whatever foreign source income was generated in each of the applicable tax years but must also properl
Read full post at: IRS OVDP vs. Streamlined: What To Do?
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.