IRS Provides Further Guidance for Taxpayers with Unreported Foreign Assets

On June 26, 2012, the IRS issued two news releases that will affect and potentially help US taxpayers with foreign noncompliance. Individuals are considered noncompliant when they fail to file: (i) US income tax returns, (ii) US income tax returns that incorporate foreign source income, or (iii) information returns that report a taxpayer's connection to a foreign trust, foreign gift, foreign corporation, foreign bank account or foreign asset.