If you are an American taxpayer with any offshore accounts, you must now bring it into compliance. That means filing any missing FBARs and amending any tax returns that are missing income.
With the deals previously offered, the terms of the settlement were known and predictable. Now that the 2009 and 2011 offshore voluntary disclosure initiatives (OVDI) have ended, the IRS has not yet issued a new OVDI, so many non-compliant taxpayers are wondering if they should come forward and what the cost of coming forward will be. With that in mind, here are the four options currently available to those wondering what to do.
*Updated 2017 Offshore Disclosure Programs information here*
