Louisiana Tax Law Firm Discusses Streamlined FBAR and Tax Return Compliance

US citizens or taxpayers living abroad, and delinquent in there federal income tax and FBAR compliance responsibilities have a new procedure outlined by the IRS with which to get compliant with US tax filing rules.  The IRS has announced “streamlined filing compliance procedures” for taxpayers that are considered “low risk” under the program.  The program is effective September 1, 2012.  For the “low risk” taxpayers, the IRS program outlines an expedited review of the case without being subject to penalties.  Please note that the definition of “low risk” is very narrow, and the program does not shield the taxpayer from criminal prosecution.  Taxpayer’s with criminal prosecution exposure should consider voluntary disclosure under the program reopened early in 2012.

See IR-2012-65, June 26, 2012