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Record Number Renounce Their US Citizenship in 2016 Due to US Taxation of Worldwide Income

The US Treasury Department published the latest list of those who renounced their US citizenship in 2016.  The recent spike in renounced citizenships has been tied to US taxation of worldwide income for all US residents and taxpayers.  5,411 individuals renounced their US citizenship in 2016, and while this may...

Has the IRS Decided to Stop Accepting Streamlined Applications for FBAR Compliance?

Has the IRS decided to shut down the application process for the Streamlined Domestic Offshore Procedures under FBAR?  Streamlined applications for FBAR compliance used to be submitted to the IRS via facsimile.  The IRS has recently stopped access to fax submission of streamlined applications, and this may be a sign...

Streamlined Domestic Offshore Procedures Still a Viable Option for Foreign Nationals

The offshore focus of the US Treasury Department and the IRS is well documented, and many questions remain for those who have either yet to take action to come into compliance with IRS FBAR and offshore reporting or for foreign nationals who may not have realized the requirements.  Our office...

IRS Changes Streamlined Domestic Offshore Procedures Forms

The IRS has made significant changes to the forms associated with the Streamlined Domestic Offshore Procedures, a voluntary disclosure to the US government of offshore accounts, assets and income.  The streamlined program was designated for US taxpayers who exhibited "non-willful" conduct in terms of why they failed to report offshore...

Why Should US Taxpayers With Offshore Accounts and Assets Be Cautious When Considering the Streamlined Domestic Offshore Procedures?

Why shouldn't every US taxpayer with offshore accounts or assets choose the Streamlined Domestic Offshore Procedures when coming into compliance with the IRS and FBAR reporting requirements under FATCA?  Why wouldn't a US taxpayer simply want to claim "non-willful" conduct in their disclosures of offshore bank accounts, investments and assets...