The Resource The IRS's current offshore voluntary disclosure program : is this the only option available for an "accidental American"?

The IRS's current offshore voluntary disclosure program : is this the only option available for an "accidental American"?

Label
The IRS's current offshore voluntary disclosure program : is this the only option available for an "accidental American"?
Title
The IRS's current offshore voluntary disclosure program : is this the only option available for an "accidental American"?
Creator
Subject
Language
eng
Summary
This article briefly discusses certain of the disclosure and tax compliance options currently available to "Accidental Americans," who generally did not understand that as dual citizens (e.g., U.S. citizen and Mexican national) and residing their entire life outside the Unted States, they still had U.S. tax and reporting obligations. Such options include: (i) entering the IRS's current Offshore Voluntary Disclosure Program (2012 OVDP); (ii) entering the 2012 OVDP before the IRS contacts the Accidental American and then opting out; (iii) entering (or at least meeting the requirements) of the traditional voluntary disclosure program; (iv) making a quiet disclosure; or (v) entering the 2012 OVDP Streamlined Procedure (which will be available to very few Accidental Americans due to the stringent requirements). This article also briefly discusses FATCA and how FATCA will cause many Tax Cheats to come forward and into U.S. tax compliance based on the common understanding that FATCA will likely cause their foreign financial institution (FFI) to provide their name to the U.S. tax authorities. FATCA will also undoubtedly result in many foreign persons learning for the first time they are Accidental Americans and, therefore, have the same tax and reporting obligations as U.S. citizens having lived all their lives in the United States
Citation source
In: International tax journal. - Chicago. - Vol. 40 (2014), no. 1 (January-February) ; p. 35-42, 48
http://library.link/vocab/creatorName
  • Swenson, E.D
  • Corona de la Fuente, P.E
  • Villarreal Garza, R
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • voluntary disclosure
  • FATCA
Label
The IRS's current offshore voluntary disclosure program : is this the only option available for an "accidental American"?
Instantiates
Publication
Label
The IRS's current offshore voluntary disclosure program : is this the only option available for an "accidental American"?
Publication

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