Richard S. Lehman explains the Amnesty Offshore Voluntary Disclosure Program in 5 minutes

American citizens and residents often have placed funds in “foreign bank accounts” in banks all over the world. There is a requirement that all of these foreign bank accounts be reported to the United States on an annual basis and that United States income taxes be paid on all of these bank deposit funds.

The IRS Streamlined Compliance Program explained by Richard S. Lehman Esq.

There is an Internal Revenue Service program that permits United States individuals, who have innocently and unknowingly not reported their foreign bank deposits, to report those deposits at a much reduced penalty than the penalty applicable to the willful violators.