The National Taxpayer Advocate Report for 2014 highlights some serious concerns that the Taxpayer Advocate Service (TAS) has for overseas filing requirements.
Among the most serious problems highlighted in the TAS report are the inequities in the OVDP compliancy programs.
TAS’s report notes that the Offshore Voluntary Disclosure programs undermined the law and violated taxpayer rights. On page 32 of TAS’s Executive Summary are some legislative recommendations to reduce the burden of filing reports on overseas bank accounts, calling for the increase in threshold for FBAR, the alignment of filing deadlines for both FBAR and FATCA forms and the consolidation of the two reporting forms into one. Click here for the Executive Summary.
ACA congratulates Nina Olson and her team for once again producing an excellent report highlighting the issues and problems facing Americans taxpayers both domestic and international.
If you would like to make suggestions on tax reform to Ms. Olson and her team please do so at the following link: www.taxpayeradvocate.irs.gov/Home/tax-reform-suggestions
For the full TAS report see: www.taxpayeradvocate.irs.gov/2014-Annual-Report/full-2014-annual-report-to-congress/