Internal Revenue Service Offers New Guidance on FBAR and OVDP Procedures

Internal Revenue Service Offers New Guidance on FBAR and OVDP Procedures

The IRS has announced new procedures to aid voluntary disclosures by taxpayers with undisclosed foreign accounts. The new procedures follow the IRS’ January 9, 2012 announcement of the 2012 Offshore Voluntary Disclosure Program (OVDP). The new procedures will allow for resolution of issues related to foreign retirement plans, such as the Canadian Registered Retirement Savings Plan, including allowance of low compliance risk taxpayers to make untimely elections to defer U.S. taxation of income. Taxpayers who wish to enroll in the program will be required to file delinquent tax returns along with appropriate related information. The new guidelines come into effect on September 1, 2012.

Taxpayers wishing to participate in this initiative are advised by the American Institute of Certified Public Accounts (AICPA) to contact a tax professional, both a CPA and an attorney, immediately in order to determine whether disclosure is necessary, ensure that they meet the voluntary disclosure deadlines, and to protect the taxpayer’s rights.

Andreozzi, Bluestein, Muhlbauer, Brown, LLP can provide legal counsel regarding these foreign accounts and the compliance initiative. Our firm also maintains strategic relationships with CPAs Freed Maxick & Battaglia CPAs, PC, in Buffalo, NY. Together, we can provide timely and accurate service regarding all aspects of these foreign account issues.

Disclaimer

This communication is for general informational purposes only which may or may not reflect the most current developments. It is not intended to constitute legal advice or a recommended course of action in any given situation. This communication is not intended to be, and should not be, relied upon by the recipient in making decision of a legal nature with respect to the issues discussed herein. The recipient is encouraged to consult an independent licensed attorney before making any decision or taking any action concerning the matters in this communication. This communication does not create an attorney-client relationship between Andreozzi Bluestein LLP and the recipient.

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