Daily Tax Update - October 10, 2014: IRS Releases New Guidance on Streamlined Filing Compliance Procedures

IRS Releases New Guidance on Streamlined Filing Compliance Procedures:  Today, the IRS released new guidance on the streamlined procedures of the offshore voluntary disclosure program, including eligibility requirements and filing procedures.  New compliance procedures, as well as frequently asked questions and answers, were posted for taxpayers outside the US, taxpayers inside the US, and taxpayers who submit delinquent international returns.

US and Poland Sign Model 1 FATCA Agreement:  The Treasury reported on its website today that Poland has signed a Model 1 intergovernmental agreement with the United States.  The October 7 agreement provides for the exchange of information to implement the Foreign Account Tax Compliance Act (FATCA).  Poland is the 39th country to sign a Model 1 agreement with the US.