Implementation of the Foreign Account Tax Compliance Act (FATCA) along with ongoing efforts by the IRS to raise awareness of US tax reporting obligations has made US individuals much more aware of their filing requirements and the need to become compliant.
The good news is that the IRS expanded its voluntary disclosure programs to encourage all US individuals to become compliant, while easing the penalties usually associated with the tax audit. This means US individuals have time to participate in the Offshore Voluntary Compliance Program before it’s too late.
Complying with the reporting requirements may be difficult and time-consuming. Unsure where to begin or if the legislation applies to you? PwC’s Canadian tax group can provide advice and support for those impacted by the program.