Have You Filed Your US Tax Returns?
All US persons are obligated to report worldwide income by filing annual income tax returns. US persons are defined as citizens of the United States, green card holders and taxpayers living anywhere in the world. Additionally, reports on your foreign bank accounts must be filed annually for information purposes.
If you have not yet filed, there are three ways to get back into the system:
Voluntary Disclosure with Reasonable Cause letter
Streamlined Voluntary Disclosure
Offshore Voluntary Disclosure Program (OVDP)
Below are some of the reasons to ensure tax returns and FBARs are being done correctly. It is important enough for us to offer a Free consultation with no further obligation.
Why Act Now?
It is important to understand your US tax obligations. The Internal Revenue Service now has a number of ways to find Americans living outside the US who are not reporting income or foreign bank accounts as well as Americans living in the US who invest internationally.
Did you receive a bank letter? Your banks and other financial institutions are now required, through FATCA legislation, to report the personal details of American clients to the IRS or local authority.
The IRS developed a system to actively locate non-compliant Americans wherever they are in the world.
If you are not compliant, your US passport can be revoked or you can be denied renewal.
Rewards are still being offered to anyone who turns in a non-compliant US person to the authorities.
What Happens If You Don’t Act?
- The IRS will eventually find you
- You may be turned away from banking
- No US passport renewals (and may be revoked)
- Potential exposure to substantial civil penalties
- Risk of criminal prosecution (at worst case)
Why Choose Us?
A specialist team of IRS Enrolled Agents and CPAs living and working outside the US
Over 30 years with top level executives and directors who know 500+ IRS forms
In-house lawyers on hand for tax advice
We can also provide advice on tax planning, including gifts & estates, trusts and family wealth or expatriation