Rumors were rife for the past few months that there would be changes. Especially with FATCA kicking in on July 1st, and issues with the existing amnesty programs widely known, changes would be a logical step.
To fan the flames, the Commissioner made some leading remarks earlier this month that hinted that changes were imminent.
Yesterday, IRS Commissioner Koskinen’s News Release included the following statement- http://www.irs.gov/uac/Newsroom/Statement-of-IRS-Commissioner-John-Koskinen
The key points to note are –
- Streamlined appears to have been split in 2. Non-resident and Resident.
- The Nonresident program — referred to as Streamlined Foreign Offshore Procedures — is described on a web page titled: U.S. Taxpayers Residing Outside the United States – http://www.irs.gov/Individuals/International-Taxpayers/U-S-Taxpayers-Residing-Outside-the-United-States
- The Resident program — referred to as Streamlined Domestic Offshore Procedures — is described on a web page titled U.S. Taxpayers Residing in the United States – http://www.irs.gov/Individuals/International-Taxpayers/U-S-Taxpayers-Residing-in-the-United-States
As always you should contact a US qualified tax professional before making such an important step.
To know more –