Have you recently moved from China or India to the United States for a new career opportunity? Are you an American living abroad? You need to report all foreign bank accounts, if at any point in the 2015 the aggregate value of your accounts exceeded $10,000.
Last summer, the IRS announced sweeping changes to its ongoing offshore compliance initiatives. The biggest change was the announcement of new Streamlined Compliance Procedures. Under these procedures, eligible taxpayers who resided in the United States can qualify for a reduced offshore penalty of 5%, with those who resided outside of the U.S. paying no penalty at all.
This is a follow-up to our post two weeks ago on the hearing in Congress on the status of U.S. investigations into alleged offshore tax evasion facilitated by Swiss banks.