IRS Streamlined Offshore Procedures May Be Used to Rectify Delinquent U.S. Reporting Obligations

U.S. tax and information reporting obligations have become an increasing concern for international families and their succession planning structures. Missed or late filings can result in steep penalties, even when no tax is due. The Foreign Account Tax Compliance Act (FATCA) is alerting the Internal Revenue Service (IRS) to income and accounts held by U.S. citizens and green card holders (U.S. persons). To help bring delinquent individuals into compliance, the IRS offers streamlined filing compliance programs. For family members not living in the United States who have missed reporting deadlines, the streamlined offshore procedures should be considered.