NEW PROCEDURES FOR FOREIGN REPORTING
The IRS has stealthily created two new procedures to help taxpayers who have failed to meet their foreign reporting requirements. Although the procedures are published on the IRS website, there has not been much fanfare about their release.
 
These important new procedures can help taxpayers who failed to file FBARs and other informational returns, as long as the taxpayers reported any income appropriately on their income tax returns.  
 
For taxpayers who failed to file Form 8938, 3520, 3520-A, or certain other informational returns regarding foreign property, the "Delinquent International Information Return Submission Procedures" are available at https://www.irs.gov/individuals/international-taxpayers/delinquent-international-information-return-submission-procedures  
 
For taxpayers who didn't file FBARs, the "Delinquent FBAR Submission Procedures" are available at https://www.irs.gov/individuals/international-taxpayers/delinquent-fbar-submission-procedures
 
Although the new reporting procedures look simple, professional guidance is still needed to confirm that a taxpayer qualifies, and to prepare the taxpayer's statement of reasonable cause.

  AAB
 
Sincerely,  
Melissa Langa, Ruth Mattson, and Alexander A. Bove, Jr.



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