This post originally appeared at the
Isaac Brock Society.
Updated November 3, 2014 – Readers are strongly encouraged to read the comments as well. One must remember that Streamlined and OVDP are programs which have been invented by the IRS. They are not found in the Internal Revenue Code. Consequently this post should be read in the context of the following comment to this post:
And from the IRS Commissioner …
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On June 3, 2014
IRS Commissioner Koshinken in prepared remarks commented on matters of interest to U.S. citizens abroad including:
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Citizenship-based taxation, Dangers of immigrating to the U.S., dual citizenship, FATCA, FBAR and reporting, FBAR Divorce, offshore accounts, OVDI Compliance, ovdp, U.S. freedom and tagged FATCA, FATCA Canada, FBAR fundraiser, Green Card OVDP, Streamlined compliance on . June 4, 2014
Assuming the correctness of this, it is very big. It signals that the focus of the IRS may be moving away from penalties and toward getting people back into the system! Note the discussion of the role of Taxpayer Advocate.