Foreign Account and Entity Reporting
If you have lived, worked, or have a financial interest outside of the United States, you may be required to disclose the financial interest to the U.S. Government. We live in a global economy in which is it’s not uncommon to have a foreign financial interest. However, because of fear that foreign interests are used to abuse U.S. tax requirements, the IRS has created complicated income, audit, and reporting requirements for individuals and businesses with foreign financial interests. The IRS has dedicated resources to detecting, auditing, and collecting taxes from international accounts and transactions. Failure to comply with the IRS’s disclosure requirements may lead to severe penalties.
If you have reason to believe you may not have complied, the IRS offers several voluntary programs for taxpayers to come into compliance. The IRS programs, (Streamline and Offshore Voluntary Disclosure Program) are specific to specific types of compliance failures. Taxpayers who qualify, may receive reduced penalties and protection from IRS criminal prosecution. Our Denver tax attorneys help taxpayers select the correct Voluntary Disclosure Program, achieve compliance, and eliminate the potential for the devastating consequences that can otherwise occur.