Global

Details

  • Service: Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/10/2014

Canada - Programs for reporting, disclosing offshore assets to IRS 

July 10: Canadians required to file a U.S. tax return and having offshore assets not yet disclosed to the U.S. tax authorities may consider newly expanded, streamlined filing compliance procedures.

Under these filing procedures, the IRS has agreed to waive penalties and provide amnesty to encourage U.S. taxpayers—including those living in Canada—to disclose any unreported offshore assets. The IRS also modified the offshore voluntary disclosure program (OVDP).


Read a July 2014 report(PDF 48KB) prepared by the KPMG member firm in Canada: U.S. Offering Tax Relief for Offshore Accounts




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