ACA American Citizens Abroad

The IRS has announced new steps to encourage US taxpayers with undisclosed foreign bank accounts to come forward.  IRS Commissioner Douglas H. Shulman announced this policy shift at a press briefing on March 26, 2009 in Washington.

"We believe the guidance represents a firm, but fair, resolution of these cases and will provide consistent treatment for taxpayers," Shulman explained. "The goal is to have a predictable set of outcomes to encourage people to come forward and take advantage of our voluntary disclosure practice while they still can."  He set a deadline of six months for disclosures under the terms of the guidance, at which time the program will be re-evaluated.

More info about foreign bank account reporting is here.

Reminder:  FBAR (reports of foreign bank accounts) are due 30 June of each year.  You can download a copy here.