We just found out that my client should have been filing US tax returns and reporting assets held outside the US. Can you help us understand how to fix the prior-year reporting?

Yes, the IRS offers a variety of methods for US taxpayers to fix their foreign income and asset reporting. Common programs include the former Offshore Voluntary Disclosure Program (OVDP) and related programs, such as the Streamlined Filing Compliance Procedures. We have an extensive history and background with these programs. We have helped clients and their foreign tax advisors navigate all versions of these programs since 2009!

To assist you and your client, we review the client’s case facts and circumstances. Then, we advise you and your client on the options available. We explain the IRS programs or other methods you can use to correct the situation, as well as the important considerations and costs. We help you understand the benefits and risks of each option. We also advise you on what we recommend. Next, we support you through the process and prepare the original or corrected filings.