Options Available for U.S. Taxpayers with Undisclosed Foreign Financial Assets
To assist the U.S. taxpayers with undisclosed Foreign Financial Assets, to become compliant with their U.S. tax filing obligations, the IRS offers the following four options:
1. Offshore Voluntary Disclosure Program
2. Streamlined Filing Compliance Procedures
(a) Streamlined Foreign Offhsore Procedures
(b) Streamlined Domestic Offshore Procedures
3. Delinquent FBAR Submission Procedures
4. Delinquent International Information Return Submission Procedures