IRS Focus On Offshore Tax Non-Compliance

The Internal Revenue Service (IRS) has been ineffective in its collection of unpaid taxes from international U.S. taxpayers, according to a report published on September 30 by the Treasury Inspector General for Tax Administration (TIGTA). The report...

FATCA Causes Problems For U.S. Holders of Accounts in India

Increasing implementation of the Foreign Account Tax Compliance Act (FATCA) will soon cause problems for U.S. holders of unreported bank accounts in India, according to many tax analysts. FATCA is a recently-implemented U.S. law that requires foreign...

IRS Announces Guidelines for Streamlined Procedures

The Internal Revenue Service (IRS) has released new guidance for taxpayers applying for the streamlined offshore voluntary disclosure program in a new FAQ page on its website.  Implemented in June 2014, the streamlined procedures are designed to less...