An Overview of Select International Tax Compliance Issues & Solutions for U.S. Taxpayers in Violation
In March 2009, the Internal Revenue Service declared a six-month settlement period where taxpayers with unreported offshore accounts could come forward to resolve their issues with minimal penalties. As the September 23 closing date approaches, the author advises taxpayers to contact their tax advisor immediately to benefit from the settlement terms. In addition to describing the settlement initiative, the article discusses some of the most commonly overlooked informational filings by U.S. taxpayers and the penalties for doing so. To read the full article, please click the link below.