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| August 2018 |
| Voluntary disclosure of foreign assets |
| Shawn Strandberg, CPA, CGA, CA, CPA (Colorado), is a principal in the Victoria office of Collins Barrow |
The Internal Revenue Service (IRS) has announced it will begin to wind down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close it entirely on Sept. 28, 2018. The program was one of four methods by which United States taxpayers could become compliant in their reporting obligations to the IRS: - streamlined filing compliance procedures (domestic and foreign);
- OVDP;
- delinquent FBAR submission procedures; and
- delinquent international information return submission procedures.
While each of these programs will help a taxpayer in becoming current with the IRS, determining which program is most appropriate requires an assessment of the circumstances necessitating the filings and whether the taxpayer is delinquent in the filing of their U.S. income tax returns or has no requirement to amend previously filed returns to include unreported income. |
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| Collins Barrow periodically publishes U.S. Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada with respect to U.S. issues. While U.S. Tax Alert suggests general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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