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American investors who own income-producing assets in foreign domains outside of the United States are required to report the existence and earnings of those assets for United States tax purposes.  In the past, there has been a good deal of failure to report bank deposits and other foreign assets.  Once discovered by the Internal Revenue Service, this failure to report can lead to significant penalties and tax collections.

There is a procedure for those investors who can prove that they have not “willfully” failed to report their foreign investments to “come clean” for a relatively small payment of unpaid taxes on the foreign assets.  

This procedure termed the Streamlined Procedure permits the taxpayer to bring their foreign bank deposits and other investments current for tax purposes.  There is a relatively small penalty for U.S. taxpayers in the U.S. and no penalty for U.S. taxpayers residing outside the U.S.  

Learning Objectives

  • Explore the criminal penalties that you apply to U.S. taxpayers who do not disclose foreign assets.
  • Identify the tax penalties that could apply to unpaid United States taxes.
  • Discover the standards that the Internal Revenue Service must observe in determining whether a taxpayer is “willful” in their failure to pay United States taxes.
  • Recognize the amount of penalty and taxes that result from the benefits of the Streamline Procedure.
Last updated/reviewed: November 26, 2019

1 Review (2 ratings)Reviews

3
Anonymous Author
This course, while informative, seemed to be more like an advertisement for the presenter. There were some points during the presentation that were also not clear.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  6:54Introduction to The Internal Revenue Service Streamlined Procedure
  10:57Offshore Voluntary Disclosure Program (OVDP)
  7:01Eligibility Procedures & Requirements
  13:03The Non-Willful Statement
  3:02How to Reduce the Penalty for Many Clients
CONCLUSION
  9:01Conclusion
CONTINUOUS PLAY
  49:58The Internal Revenue Service Streamlined Procedure
SUPPORTING MATERIALS
  PDFSlides: The Internal Revenue Service Streamlined Procedure
  PDFThe Internal Revenue Service Streamlined Procedure Glossary/Index
  PDFSupporting Document
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM