US taxpayers are obliged to report foreign financial assets and file foreign information returns in addition to numerous other tax requirements. In case of failure, the list of penalties may be distressingly long, including criminal prosecution. Those who have not complied with the US tax laws still have the opportunity to come clean before the IRS and limit the exposure to civil penalties – participate in the Offshore Voluntary Disclosure Program (OVDP).
It has been recently announced that OVDP will be closed on 28 September 2018. Therefore, US taxpayers have just several months to come forward.
EY Kazakhstan,with deep expertise and many years of experience in assisting the CIS clients with US tax matters, will be glad to help US taxpayers come into compliance with US tax laws under OVDP.