Level with IRS before FATCA, says tax expert

(CNS Business): A key difference between the most recent offshore voluntary disclosure programme announced by the US Internal Revenue Service and previous programmes is that it will run indefinitely, according to David Conen of KPMG (Cayman Islands). Confirming that he has had clients who have made use of the previous programmes, Conen told CNS Business that the latest programme will lead into the implementation of the Foreign Account Tax Compliance Act (FATCA) in two years’ time, when the US will be requiring considerably more reporting and compliance for offshore accounts. He said people were realising now that they should be on the right side of the US authorities, especially while reduced penalties are in place under the current voluntary disclosure programme. Read more on CNS Business