New Procedure for Reporting your Fideicomiso to the IRS

URGENT--FIDEICOMISOS— THE UNITED STATES IRS JUST ANNOUNCED NEW PROCEDURE FOR REPORTING A FIDEICOMISO AS A FOREIGN TRUST

The IRS has received so many phone calls in the past week about fideicomisos that they fear many people will not meet the September 23 deadline and will face a hefty fine That deadline is not a “postmarked by” date, but a “received by” date. If you have just mailed your forms you should be OK. Other wise here is the new procedure:
1. Phone any Voluntary Disclosure Field Office (see phone numbers and link for others below)
2. Tell the agent “I am requesting to join the voluntary disclosure program for foreign trusts (offshore entities include trusts, bank accounts, corporations). My trust is called a fideicomiso.” (you can also fax the information if you prefer. Follow link below for fax number).
3. You will be asked for your name, social security number, address in the US, and date of birth.
4. Note: the IRS will check to make sure you are not being audited, investigated, or reported already by a foreign bank. If not, they will send you a voluntary disclosure form letter to complete, sign, and return. If you are going to be in Mexico for the winter, or are already there, let them know and they will allow more time.
5. Once you have returned the signed, voluntary disclosure letter, the IRS will assign an agent to your case and that agent will help you complete the required filing.
6. As long as you phone/fax the IRS before they close on September 23, 2009, you will not be penalized. They suggest you not wait until 5pm on Wednesday.

Call: Northern California 510-637-1031, Washington 206-464-4916, Oregon 503-326-3207. For other states check http://www.irs.gov/compliance/enforcement/article/0,,id=205909,00.html