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IRS deadline for "voluntary disclosure" of foreign bank accounts now passed

The August 31 deadline for voluntary disclosure of “offshore” bank accounts, extended by the IRS to September 9, has now passed.

"US persons" (citizens and green card holders) who are not yet in compliance with their tax and bank account reporting obligations should inform themselves and in some cases consult a tax professional.  FAWCO will continue to post information on...

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Countdown to August 31 deadline: IRS ramping up search for "US persons" abroad

Under the US tax system, US persons - citizens, green card holders and residents - are required to file annual US income tax returns reporting worldwide income.

It is a legal obligation to ensure that “true and accurate” returns are filed with the IRS in a timely way to avoid risks of numerous penalties and, potentially, criminal prosecution.

 

The IRS is...

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