The United States' Internal Revenue Service (IRS) is enticing more NRIs to disclose their unreported assets and income just weeks before implementation of the US Foreign Account Tax Compliance Act ( FATCA).
On June 18, 2014, the IRS announced new Streamlined Foreign Offshore Procedures (SFOP), which will significantly alter all future voluntary disclosures. The SFOP is a game changer for non-resident and resident (who would use the Streamlined Domestic Offshore Procedures ( SDOP)) taxpayers alike.