Tax
Aug. 4, 2012
Foreign accounts and the Offshore Voluntary Disclosure Program
To date, the IRS has collected more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the 2009 and 2011 programs. By Brad Martinson of Rutan & Tucker LLP
If a "United States person" has a financial interest in or signature or other authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account, the U.S. person is in most circumstances required to report it to the Internal Revenue Service, even if the account produces no taxable income. For these purposes, a U.S. person means U.S. citizens or resident...
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