Delinquent FBAR filing procedures and Streamlined OVDP FAQs

Delinquent FBAR filing procedures and Streamlined OVDP FAQs http://ift.tt/1vUC95w For US expatriates who have reported all foreign-sourced income, or did not have any foreign income to report, the IRS has made the delinquent FBAR filing procedures *relatively* straight-forward and *relatively* easy to understand. But here's where things get ugly. This is only true for taxpayers who do not have any unreported income in the last 3 years. Things get complicated in situations where there in no unreported income in the last three years, but unreported income in any one of the three years prior. In this article we will demonstrate the apparent contradictions, and offer strategies for the not-too uncommon issue of having unreported foreign income, not in the last 3 years, but rather, 4-6 years ago. http://ift.tt/1xenMXD The IRS published Domestic Streamlined OVDP FAQs on October 8, 2014 --- purportedly to clear the air. The IRS is attempting to be intelligent and foresee the questions people will ask. The problem is we only see more confusion. Read more to judge for yourself. Commentary is interspersed with italics, to denote possible future changes, or items of inconsistency. 2014 OVDP Webinar http://ift.tt/URFeVp http://ift.tt/1D3x5f1 Anthony Parent