Non-willful conduct is required under the Streamlined Offshore Voluntary Disclosure Program (Streamlined OVDP). 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. The key question is, what constitutes non-willful actions by a taxpayer? 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. 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. 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.
