Non filers

Requirement

US taxpayers living abroad are required to annually file tax returns with the IRS – the same as if they were living in the US.

They must also report foreign financial assets and bank accounts. 

The IRS will impose significant fines and penalties (including criminal charges) when they catch non-filers.

The IRS has details of US taxpayers’  foreign bank accounts (FATCA). 

It is a matter of time before they contact you.

US Taxpayers

If you:

  • are a US citizen

  • were born in the United States

  • one of your parents is a US citizen

  • have a green card 

then you are a US taxpayer – no matter how long you have lived outside the United States.

Even if you are not one of the above but spend substantial time in the US then you may be a US taxpayer.

There are no exemptions or exceptions to these rules under tax treaties.

Options

If you have not filed your US tax or bank returns you can act today to come into compliance.

If the IRS has not contacted you, there are four types of relief that we can help you with:

Streamlined Procedures – both domestic and foreign, these programmes are based upon non-willful conduct and minimize (or eliminate) fines and penalties.

Delinquent Procedures – for taxpayers that have filed some, but not all, forms these procedures minimize fines and penalties.

Voluntary Disclosure – if your conduct does not meet the non-willful standard this programme is the best way to manage criminal exposure.

Expatriation –  for US citizens there are 3 options to expatriate (give up US citizenship) but each one requires you to come into compliance with your taxes.

Next Steps

These programmes will end; It is important to act today.

We can:

  • compute your tax returns to minimize your tax.

  • set out if or how you meet the non-willful standard.

  • have a US tax attorney represent you in front of the IRS.

 Contact us for a confidential call back: info@greytax.com

Even if the IRS has contacted you, there is still much that can be done to help; do not ignore this – get in contact today.

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Email

info@greytax.com