The IRS has created an amnesty program to allow persons with previously unreported foreign assets to file the proper forms.  This program can help you if:

• You have a Mexican Fideicomiso and have not filed IRS Forms 3520 and 3520-A

• You have an ownership interest in a Mexican Corporation and have not filed IRS Form 5471

• You have an ownership interest in a Mexican Partnership and have not filed IRS Form 8865

• You have foreign bank or investment accounts and have not filed form TD F 90-22.1

If you are delinquent in filing, but own no taxes, you are eligible for the amnesty program.

In order to take advantage of the "Offshore Voluntary Disclosure Program", you must file all the required forms for the past six years.  There are many other requirements as well, such as:  - where to file (all forms must be sent to TWO different addresses),  - requested documents, - explanation for late filing, -etc.  The FAQ page on the IRS website list most details of the program http://www.irs.gov/pub/irs-utl/faqs-revised_6_24.pdf

Should you need assistance in your filings, we refer you to:

Leonard Conniff, CPA
Conniff Accountancy Corporation
www.cacadvisors.com
+1-925-327-0272

Leonard is a principal of Conniff Accountancy Corporation. He has a certificate in International Taxation from Golden Gate University. Leonard worked as an IRS Revenue Agent for five years, and then at regional Public Accounting Firm for over 12 years.

Note:  If you have Unpaid U.S. Taxes because of the activity of any of the foreign entities, then your situation becomes exponentially more complex, and you may want to contact a Tax Attorney specializing in Foreign Taxation.

 For detail of your U.S. filing requirements for your foreign holdings, see our discussion on IRS and Treasure Department Filing requirements at www.solymarweb.com/taxman.htm