U.S. individuals with foreign income and assets must stay informed on the various international reporting rules. These rules are complex and often neglected because of their complexity. Even if you have never set foot in the U.S. but were born to a U.S. citizen you may have a filing and reporting requirement. Also, U.S. resident aliens living or working in the U.S. also have complex filing requirements.
For taxpayers who have undisclosed foreign financial assets and/or income, the IRS provides several options to remedy previous failure to comply with US tax and information reporting obligations. These options include:
- Offshore voluntary disclosure program
- Streamlined domestic offshore program
- Streamlined foreign offshore program
- Delinquent international information return submission procedures
- Delinquent FBAR submission procedures
We can help you determine the correct U.S. reporting requirements for each Individual and report the income properly.