International Tax Compliance and Transparency – A Whole New World
The outline gives a broad overview of the UBS scandal, which led the IRS to announce the IRS Offshore Income Reporting Initiative. It summarizes changes to the FBAR filing as a result of the proposed FBAR regulations issued earlier this year and briefly discusses some of the most common informational returns applicable to United States taxpayers. It also reviews the ongoing voluntary disclosure program for taxpayers with noncompliance, as well as the consequences of the Foreign Account Tax Compliance Act. In the final section, the outline introduces a number of tools available to IRS revenue agents. To view the full article, please visit the link below.