Resources Available To IRS To Gather Information On Undisclosed Foreign Accounts And Unreported Foreign Income Of U.S. Taxpayers.
IRS Opens 2012 Offshore Voluntary Disclosure Initiative.
If you have undisclosed foreign accounts and unreported foreign income, there is still time to apply for amnesty under the IRS Offshore Voluntary Disclosure Program before the IRS utilizes new information from foreign banks and expanded reporting requirements beginning with the 2011 Form 1040 filing. Click here for more information.
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Hover over the area in the map or the country name in the side bar to view the status of resources and information available to IRS.
The Foreign Account Tax Compliance Act (“FATCA”) was enacted in 2010 to improve tax compliance involving foreign financial assets and offshore accounts. Under FATCA, certain U.S. taxpayers with specified foreign financial assets must report those assets to the IRS on Form 8938. FATCA also requires foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers. Foreign financial institutions looking to avoid 30% withholding on distributions from their U.S. investments will have to earn certification from the IRS that they are reporting their U.S. account holders in the same manner as U.S. financial institutions. FATCA takes full effect on July 1, 2014.
In addition to the resources identified above the IRS through the Department Of State can secure information from foreign governments that have a Tax Treaty with the United States.