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IRS Reaches Out Overseas
The IRS announced at the end of June that it has a plan to help U.S. citizens residing overseas catch up with tax filing obligations and to provide assistance for people with foreign retirement plan issues.
In the announcement, the IRS said it was aware that some U.S. taxpayers living abroad have failed to timely file U.S. federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs). Some of these taxpayers have recently become aware of their filing requirements and want to comply with the law, said the IRS.
Taxpayers using this newly announced procedure will be required to file delinquent tax returns along with appropriate related information returns for the past three years, and to file delinquent FBARs for the past six years, continued the release.
More details are available on the IRS page dedicated to the "New Filing Compliance Procedures." Additional guidance on international issues is available in the NYSSCPA Tax Stringer's special international issue.