The Internal Revenue Service’s newest version of the Offshore Voluntary Disclosure Program is designed to give some reassurance to taxpayers who have been hesitating to come forward and disclose their foreign bank accounts, but the increasing complexities of U.S. tax law are leading more people to renounce their citizenship.
A newly released report to Congress from National Taxpayer Advocate Nina Olson shows that the IRS’s approach to tax compliance by those with foreign bank accounts is still leading to confusion among taxpayers. More and more taxpayers living abroad are going so far as to renounce their U.S. citizenship to avoid dealing with all the headaches.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access