Tax Rememdiation
Tax Rememdiation
Where a taxpayer has not complied with their U.S. International Tax disclosure obligations, they may be eligible to seek relief under the IRS Streamlined Domestic Offshore Procedures (for taxpayers who reside in the U.S.) or the Streamlined Foreign Offshore Procedures (for taxpayers who reside outside of the U.S.).
To qualify, the taxpayer’s failure to report all income, pay all tax and submit all required information returns, must have been due to non-willful conduct – that is, conduct that is due to negligence, inadvertence, or mistake, or conduct that is the result of a good faith misunderstanding of the requirements of the law. In such circumstances, the Streamlined Procedures can offer a means for filing amended or delinquent (late) tax returns and information returns, and the procedures and terms of resolving tax and penalty obligations.
It is critical to carefully evaluate a taxpayer’s circumstances to determine whether they qualify. If the IRS considers that the taxpayer’s conduct has been willful, the taxpayer may be exposed to significant penalties and interest.
Contact us for a confidential discussion of your circumstances.
