On June 18, 2014 the IRS announced major changes in its offshore voluntary compliance programs. The changes include an expansion of the streamlined filing compliance procedures announced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure Program (OVDP). The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore assets was non-willful. In addition, on July 1, 2014, the new information reporting regime resulting from the Foreign Account Tax Compliance Act (FACTA) will go into effect. Thousands of foreign financial institutions will begin to report to the IRS the foreign accounts held by U.S. persons.
IRS Announces Efforts to Help U.S. Citizens Overseas Come into Compliance with FBAR Filing Requirements for Offshore Accounts - "the New Streamlined Procedure"