The Streamlined Filing Compliance Procedures are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part.
Taxpayers who are concerned that their failure to report income, pay tax, and submit required information returns was due to willful conduct and therefore seek assurance that they will not be subject to criminal liability and/or substantial monetary penalties should consider participating in the Offshore Voluntary Disclosure Program. Please do not hesitate to contact us if you are not sure which program is best for you.