Unreported Foreign Income or Assets

Offshore Voluntary Disclosure Program (OVDP)

This program is designed primarily for people who knew they were supposed to be reporting their foreign income or assets, and didn’t; i.e. those who acted intentionally.

 

In exchange for taking part in the OVDP you won’t be criminally prosecuted and any non-compliance older than 8 years is forgiven.

 

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Streamlined Domestic Offshore Procedure

This program is designed primarily for U.S. citizens and residents living in the U.S. who non-willfully failed to report their foreign income or assets; i.e. they weren’t aware of their U.S. tax compliance requirements, misunderstood the law or got bad advice.

 

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Streamlined Foreign Offshore Procedure

This program is designed for U.S. citizens and residents who properly reported and paid tax on all foreign income, but failed to file Reports of Foreign Bank and Financial Accounts (FBARs) to report foreign financial accounts.

 

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Delinquent FBAR Submission Procedure

This program is designed for U.S. citizens and residents who properly reported and paid tax on all foreign income, but failed to file Reports of Foreign Bank and Financial Accounts (FBARs) to report foreign financial accounts.

 

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Delinquent International Information Return Submission Procedure

This program is designed for U.S. citizens and residents who properly reported and paid tax on all foreign income, but failed to file international information returns; e.g. forms to report ownership in foreign entities.

 

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Quiet Disclosure

A quiet disclosure is not an actual IRS program. It is term used to describe the process of filing unfiled or amended tax returns and/or FBARs to report previously unreported foreign income or assets without formally taking part in one of the IRS programs described above.

 

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