| | |  Puerto Vallarta Real Estate | September 2009 
More on Fideicomiso and Voluntary Disclosure Program
 John Dillinger - dillingercpa.com
September 28, 2009
 |  | Many people that I talk to do not relish the idea of calling IRS Criminal Investigation and identifying themselves. However, unless you can get the required forms completed by October 15th, this is your best option. |  | | |
A few days before the September 23rd deadline for the Offshore Voluntary Disclosure Program, I spoke to Special Agent Arlette Lee, Public Information Officer of IRS-Criminal Investigation. According to Agent Lee a mass email was sent out to Fideicomiso owners with her contact information.
As a result, Agent Lee was bombarded with phone calls asking about Fideicomisos and Foreign Trust Filing requirements. Agent Lee informed callers that a Fideicomiso is in fact a Foreign Trust and is therefore subject to IRS Foreign Trust reporting requirements. Don’t panic! On September 23rd the deadline was extended to October 15th.
I explained to Agent Lee that the required forms are extremely difficult to understand, that it would be impossible for so many people to file by the September 23rd deadline and I pleaded for an extension. The next day, Agent Lee sent me an email that provided for an extension and states “Taxpayers who have a Fideicomiso (Trust) need to come in through the VDP program to qualify for the reduced penalties. Especially if there has been no tax noncompliance, the 20 percent offshore penalty would not apply to those assets.”
Earlier this year, the IRS released FAQs regarding the Offshore Voluntary Disclosure Program. FAQ 42 provides a way for those who reported all their income, but didn’t know they were supposed to file IRS Foreign Reporting Forms, to follow instructions and file “outside” of the Voluntary Disclosure Program. However, to qualify, you must send the required forms to the IRS by October 15th.
In order to file the returns after October 15th, you must go through Criminal Investigation and the Offshore Voluntary Disclosure Program. To do this, you must contact IRS Criminal Investigation and provide your name, address, social security number and date birth by October 15, 2009. Detailed instructions from Agent Lee’s email are provided at the end of the article.
Many people that I talk to do not relish the idea of calling IRS Criminal Investigation and identifying themselves. However, unless you can get the required forms completed by October 15th, this is your best option. Please make sure to contact your local IRS office, a link to local contacts is provided below. Only contact Agent Lee if you reside in Northern California.
Special Agent Arlette Lee
Public Information Officer
IRS-Criminal Investigation
(Fax) 510-637-2909
Click HERE to visit CI on the Web.
To learn about Mexico Property Ownership: IRS Foreign Trust Reporting Requirements, click HERE.
John Dillinger, CPA has been helping businesses and individuals with tax planning and compliance, individual tax preparation, IRS representation and international tax issues for over 25 years. Prior to starting his own CPA firm, he worked in International Tax at the "Big Four" accounting firm, PricewaterhouseCoopers and as an Internal Revenue Agent with the Self-Employed/Small Business Division of the Internal Revenue Service. For more information visit dillingercpa.com. |
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