International IRS Relief Programs (SFCP, SDOP, SFOP, DFSP, DIIRSP, VDP, & RC) - Golding & Golding

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For U.S. taxpayers who did not previously report all of their foreign accounts, assets, investments, and income on their tax returns and other international information reporting forms, the Internal Revenue Service offers many different offshore disclosure programs and procedures they can use to safely get into compliance. Unfortunately, the World Wide Web is littered with inaccurate and false information about what procedures taxpayers may qualify for and what options they should choose when getting into compliance. Not all taxpayers qualify for all the different programs. While most of the programs are similar and the procedures required to get into compliance, there are various eligibility requirements for each program and therefore while some taxpayers may prefer one program over another, technically they do not qualify. We have written hundreds of articles on offshore disclosure and specifically different programs taxpayers can use, but with tax season in full swing, we thought we would provide a summary to help taxpayers on their quest.