Friday, June 27, 2014
As I have previously discussed, the IRS’ new Streamlined Program offers better amnesty for US citizen non-residents that have unpaid tax bills on offshore accounts than prior programs. Here are three of the changes to the new program:
- No more requirement that the unpaid taxes be less than $1,500
- No more risk questionnaire to fill out
- Addition of certification that non-compliance was not willful
See Robert W. Wood, IRS Announces Better Offshore Amnesty Program, Forbes, June 18, 2014.