Foreign Account Reporting and Compliance
In recent years the IRS has greatly expanded its requirements for reporting on foreign assets and accounts in which U.S. taxpayers have an interest. This regulatory focus has resulted in enhanced reporting mandates, which are often confusing and overlapping, and which can be a trap for the unwary.
Solomon Blum Heymann’s experienced international tax professionals skillfully navigate the resulting thicket of regulations, disclosure obligations and reporting requirements. Utilizing a variety of amnesty and partial amnesty programs, including the Offshore Voluntary Disclosure Program, they have helped many clients reduce or eliminate the substantial penalties that the IRS imposes for non-reporting or non-payment of tax.
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