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IRSOther IRS Forms (1000–1999)

Official form guide

Form 14708: 14708

IRS Form 14708 is the Voluntary Disclosure of Offshore Transactions form used to report previously undisclosed foreign financial accounts or assets. Taxpayers use this form to voluntarily come into compliance with reporting requirements.

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Form Overview

IRS Form 14708 - 14708

IRS Form 14708 is the Voluntary Disclosure of Offshore Transactions form used to report previously undisclosed foreign financial accounts or assets. Taxpayers use this form to voluntarily come into compliance with reporting requirements.

Information about foreign financial accounts, assets, income, and transactions that were previously not reported to the IRS.

Risk Radar

Scan points
  • 1Voluntary disclosure doesn't guarantee immunity from criminal prosecution.
  • 2Incomplete disclosure of all foreign accounts
  • 3Missing required supporting documentation
  • 4Incorrect calculation of unpaid taxes
  • 5Failure to meet strict submission requirements

Plain English

Form 14708 helps people who have foreign bank accounts or assets that they haven't reported to the IRS come forward voluntarily. This program allows taxpayers to avoid higher penalties that would apply if the IRS discovered these accounts through other means.

Submission Date

  • Filing date: 2016-10-13 00:00:00
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

financialoffshoreforeignincome

Hover a term to preview the meaning.

What this form is for

  • Use this form when you have unreported foreign financial accounts or assets
  • Do not use this form if you're already under IRS examination for these matters
  • Check Form 8938 and FBAR (FinCEN Form 114) for related reporting requirements

Form selector

Use this form or another form?

Reporting only foreign bank accounts

Required for accounts exceeding $10,000

✓ Check filing thresholds before proceeding

FBAR (FinCEN Form 114)

Reporting foreign assets on tax return

Required for certain thresholds

✓ Determine if both filings are necessary

Form 8938

Reporting foreign income

Required for income exceeding thresholds

✓ Verify all income sources are included

Schedule 1 (Form 1040)

Deadline or filing window

Form 14708 does not have a specific filing deadline, as it's submitted as part of a voluntary disclosure process. However, timely submission is important, as the IRS may not accept disclosures if they determine they already have information about the taxpayer's foreign accounts. Taxpayers should submit the form as soon as they decide to participate in the voluntary disclosure program.

  • —Unpaid tax liability | Foreign account balance × applicable tax rate | Tax due | Underestimation may result in additional penalties

Checklist

What you need before filling it out

1

Account information

Bank statements, account statements · Provided by financial institution

⚠ Incomplete account numbers or names✕ High risk
2

Foreign address proof

Utility bills, lease agreements · Personal records

⚠ Using a U.S. address for foreign accounts✕ Medium risk
3

Income documentation

Foreign pay stubs, tax forms · Employer or tax authority

⚠ Failure to report all income✕ High risk
4

Asset valuation

Appraisal documents, market values · Financial institutions or appraisers

⚠ Overvaluation or undervaluation✕ Medium risk
5

Previous filings

Prior tax returns, prior FB filings · Personal records

⚠ Inconsistent information between filings✕ Medium risk

Before you submit

  1. 1Verify all foreign accounts are listed
  2. 2Confirm account numbers and names match financial institution records
  3. 3Calculate unpaid tax liability accurately
  4. 4Include all required supporting documentation
  5. 5Review form for completeness and accuracy
  6. 6Sign and date the form
  7. 7Prepare copies for personal records
  8. 8Confirm mailing address is current
  9. 9Check for any recent updates to disclosure requirements

How to file this form

  1. 1Gather documentation of all foreign accounts and assets
  2. 2Complete Form 14708 with detailed account information
  3. 3Calculate unpaid taxes and penalties
  4. 4Prepare a voluntary disclosure letter explaining the situation
  5. 5Submit the form and supporting documents to the appropriate IRS office
  6. 6Await response from the IRS regarding acceptance
  7. 7Cooperate with any additional requests for information
  8. 8Maintain copies of all submitted materials

Known limitations

  1. 1Voluntary disclosure doesn't guarantee immunity from criminal prosecution
  2. 2The IRS may not accept disclosures if they already have information about the accounts
  3. 3Certain types of non-willful conduct may qualify for different penalty relief programs
  4. 4Foreign financial institutions may be required to report account information to the IRS
  5. 5Taxpayers with criminal exposure may not be eligible for the standard voluntary disclosure program

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

The Voluntary Disclosure Practice continues to operate, but requirements and acceptance criteria may change based on international agreements and IRS priorities.

What changed or needs a fresh check

  • Edition date: Verify you're using the current version of Form 14708
  • Fee: No filing fee for Form 14708
  • Mailing address: Submit to the appropriate IRS Criminal Investigation office
  • Signature: Required - must be signed by the taxpayer or authorized representative
  • Copies: Keep a copy of the completed form and all supporting documents

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Quick Facts

Taxpayers with unreported foreign financial accounts, assets, or income who wish to voluntarily disclose them to the IRS.
Information about foreign financial accounts, assets, income, and transactions that were previously not reported to the IRS.
Typically filed when a taxpayer discovers they have unreported foreign accounts or assets and wants to voluntarily disclose them before the IRS discovers them through other means.
Submitted to the IRS Criminal Investigation Division's Voluntary Disclosure Practice, usually with supporting documentation.
Mistakes can result in missed opportunities for penalty relief or incomplete disclosure, potentially leading to additional penalties or examination.
Gather documentation of all foreign accounts and income. Complete the form with detailed information about each unreported account. Submit the form with all required supporting documents to the appropriate IRS office. Await response from the IRS regarding acceptance into the voluntary disclosure program.

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After you file

  1. 1Keep copies of all submitted forms and documentation
  2. 2Track the status of your disclosure with the IRS
  3. 3Prepare to pay any assessed taxes, interest, and penalties
  4. 4Update future tax returns to include previously reported foreign accounts
  5. 5Maintain ongoing compliance with reporting requirements
  6. 6Consider consulting with a tax professional for ongoing guidance
  7. 7Monitor international tax law changes that may affect your situation

Sources

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Common confusion points

Whether to file FBAR separately

FBAR is required separately for accounts exceeding $10,000

→ Check both FBAR and Form 14708 requirements

Penalty calculation methodology

Different penalty tiers based on willfulness and account size

→ Consult a tax professional for accurate penalty assessment

Timing of disclosure

Earlier disclosure may result in better penalty outcomes

→ Submit as soon as possible after deciding to disclose

What constitutes willful failure

Intent to evade tax requirements vs. unintentional omission

→ Document any reasonable cause for non-compliance

Impact on future examinations

Voluntary disclosure doesn't guarantee no future examination

→ Maintain complete and accurate records

Workflow map

Related forms and next steps

8 signals

Before

FBAR (FinCEN Form 114) for foreign account reportingForm 8938 for specified foreign financial assets

Current

14708

After

Any additional tax returns for amended reporting

Often used with

Form 1040 with Schedule B for foreign account interestForm 1040 with Foreign Account and Asset reporting

⚠ If something goes wrong

  • Contact a tax professional specializing in international tax
  • Consider other penalty abatement programs
  • Respond promptly to any IRS notices

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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