Non-willful conduct is required under the Streamlined Offshore Voluntary Disclosure Program (Streamlined OVDP). Â If the failure to report foreign bank accounts and/or foreign financial assets was non-willful, you may be subject to a lower penalty base. Â The key question is, what constitutes non-willful actions by a taxpayer? Â Generally, the IRS would consider non-willful to mean the conduct or failure to properly report was due to a mistake, negligence or based upon a good faith misunderstanding of the law. Â Perhaps an understandable lack of knowledge may lead to non-willful conduct.
The video below also provides a short explanation of non-willful conduct, which of course is based upon the facts and circumstances of each case. Â Please remember to consult with your tax attorney directly if you have questions relating to FATCA, FBAR filings and/or other foreign tax compliance issues.
You can contact The McGuire Law Firm to speak with a tax attorney regarding your issues.