The Internal Revenue Service (IRS) Large Business and International division (LB&I) recently announced three new compliance campaigns focused on offshore private banking, captive services providers, and information returns filed by individuals concerning foreign corporations (Forms 5471), with plans to first use audits and letters to address these compliance issues. According to its press release, the IRS has records that identify taxpayers with transactions or accounts at foreign private banks, which it will use to address compliance issues within that campaign.
For details on all three new compliance campaigns, click here.
The IRS’ 2014 Offshore Voluntary Disclosure Program (OVDP), which was offered to help taxpayers get into compliance with their foreign account reporting requirements, officially ended on September 28, 2018. Taxpayers who missed the OVDP opportunity still have options available and should get into compliance as soon as possible. Contact our office to discuss your tax compliance matter today.