Media


04/01/16


Mark Schweighofer co-authors article on disclosing foreign assets and income in The Tax Adviser

By: Mark W. Schweighofer , Donald T. Williamson

Publication Name:

The Tax Adviser

Media Type: Publication

Stein Sperling tax attorney Mark Schweighofer co-authored “Streamlined Filing Procedures for Disclosing Foreign Assets and Income” in the April 2016 issue of The Tax Adviser, a monthly magazine published by the American Institute of CPAs covering federal and state taxation issues. 

The article highlights the streamlined compliance procedure put in place in 2014 for all qualifying U.S. taxpayers who wish to disclose unreported foreign assets as an alternative to the Offshore Voluntary Disclosure Program (OVDP) .

The article offers an in-depth analysis of the procedures, including the following highlights:

  • In order to qualify, a taxpayer’s failure to report assets and income and to file required information returns must be due to nonwillful conduct.
  • Taxpayers who are “U.S. Residents” (as defined in the procedure) are subject to a 5% penalty; nonresidents may escape all penalties. 
  • Some taxpayers may still wish to proceed under the Offshore Voluntary Disclosure Program, particularly taxpayers who may have difficulty proving that their conduct was nonwillful. 


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