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...

In July 2014, the Foreign Account Tax Compliance Act (FATCA) was officially implemented, which requires foreign banks to disclose the account information of U.S. taxpayers to the IRS for investigation.  The IRS collects this information on unreported...

Two American expatriates residing in Canada have filed suit against the Canadian government for its compliance with the U.S. government’s controversial Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, but only recently coming into effect,...

On June 18, 2014, the Internal Revenue Service announced major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated...

Stopping offshore tax cheating and bringing individuals, especially high net-worth individuals, back into the U.S. tax system has been a top priority of the Internal Revenue Service for several years. IRS offshore voluntary disclosure programs are de...