U.S. taxpayers must report their worldwide reportable income. In the event that a non-reporting non-compliant taxpayer is identified by IRS, it will initially determine the taxpayer’s taxable income. When documentary evidence is available to IRS, it can easily determine the amount of a non-compliant taxpayer's tax due. Without available direct evidence, IRS has to try to reconstruct a taxpayer’s financial… Read Complete Article...

[International Tax Compliance] Taxpayer, Was Your Conduct Non-willful? U.S.taxpayers that have inadvertently failed to report reportable foreign financial assets and income may have the option of the Streamlined Filing Compliance Procedures (Streamlined). The Streamlined Procedures are only available to U.S. taxpayers that have acted non-willfully that have failed to report reportable foreign financial assets and pay all the taxes due… Read Complete Article...