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Earlier this summer I posted an article and flow chart describing the newest version of the IRS compliance program for non-compliant resident and non-resident taxpayers with foreign accounts and assets, giving a virtual amnesty to some. The IRS has now published forms to be used by those entering this program.
6 Comments
Michal
2/22/2015 02:59:49 am
Question RE: Form 14653.
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David Neufeld
2/23/2015 11:12:16 am
Michal, the "interest" column on the form does not refer to the taxable interest earned, but instead to the interest on the unpaid tax. I hope this answers your question
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Michal
2/23/2015 11:17:25 am
Thank you for you answer. Question is how to calculate it. There is not any instruction regarding Form 14653.
Michal
2/23/2015 11:27:16 am
Thank you for your answer. Can you tell how to calculate that interest ? there is no any instruction regarding this Form.
David Neufeld
2/25/2015 04:03:12 am
I think it may be time to hire a CPA to prepare your return. We are unable to answer anything other than general questions.
David Neufeld
2/23/2015 11:25:42 am
It is the typical calculation of interest, not unique to this Form or this reason for underpayment. If you do not have the calculation software you should be able to get some help from a CPA office
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David S. Neufeld, Shareholder, Flaster Greenberg PC
1810 Chapel Avenue West | Cherry Hill, NJ 08002 856.382.2257 | david.neufeld@flastergreenberg.com Internationally Recognized Tax and Estate Planning Attorney |