IRS to Unveil Compliance Program for U.S. Expats Not Willfully Evading Taxes
U.S. citizens abroad who are noncompliant with their tax obligations but aren’t willfully evading taxes may be able to come into compliance under a new program to be announced by the Internal Revenue Service in a matter of weeks, IRS Commissioner John Koskinen said June 3. “We are well aware that there are many U.S. citizens who have resided abroad for many years, perhaps even the vast majority of their lives. We have been considering whether these individuals should have an opportunity to come into compliance that doesn’t involve the type of penalties that are appropriate for U.S.-resident taxpayers who were willfully hiding their investments overseas,” Koskinen said during an Organization for Economic Cooperation and Development forum in Washington. Koskinen told reporters following the event that program details will be issued in the next few weeks.
Original story at Bloomberg’s Daily Tax RealTime