US Tax Update

The IRS yesterday announced a new 'offshore' voluntary disclosure initiative aimed at noncompliant US taxpayers with unreported 'offshore' bank accounts.

IRS investigators have been tracking the movement of assets from Europe to Asia and taxpayers are encouraged to come forward before new reporting requirements (commonly referred to as 'FATCA') result in organizations defined as so called 'foreign financial institutions' (FFIs) reporting details of US account holders to the IRS.

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