- Individual Tax
- US Tax Overview
- UK Tax Overview
Why Act Immediately?
(This page was updated in 2018 with important changes to the US voluntary disclosure programs.)
As a US person it is important to act immediately to become compliant with the US tax system if you are not. The Internal Revenue Service (IRS) now has a number of ways to locate Americans living outside of the US who are not reporting their income or filing taxes and Americans living in the US who invest internationally. These include:
- FATCA – This law requires foreign banks, stock brokers, pensions and hedge funds, insurance companies, trusts and corporations to report directly to the IRS with the details of all their clients, account holders and owners who are US persons
- Data Mining – The IRS has developed the E-trak Offshore Voluntary Disclosure system to actively locate non-compliant US persons whether in the US or abroad
- Passport Renewal
- Rewards are offered to whistleblowers
- Your own digital footprint in social media and other online channels
It is the obligation of the individual to ensure ‘true and accurate’ returns and forms are filed with the IRS on time to avoid penalties or in some cases, criminal prosecution. Should the IRS find you first, voluntary disclosure may no longer be an option.
If you have not complied with your tax and “offshore” filing obligations, you are legally obliged to bring your filing obligations up to date. Currently, there are two amnesty programs available to Americans abroad who are required to file. From September 2018, the IRS will close the Offshore Voluntary Disclosure Program (OVDP), leaving only one way back into the US tax system. It is important to find the right one for your circumstances, as each situation is different, and file before September:
US Tax & Financial Services has been assisting clients for 30 years in bringing their tax filings up-to-date and in compliance with the law. We have done many successful cases of Voluntary Disclosure for clients, and are aware of all changes that occur to these IRS programs. We have a broad range of experience as a result of the wide variety of situations we see on a daily basis, including the cases of ‘accidental’ Americans. We have been a leading international firm in this area and our experience in doing these disclosures is exceptional.
Please call or email us for a confidential consultation about your options.
PLEASE NOTE: IMPORTANT CHANGES TO THE VOLUNTARY DISCLOSURE PROGRAMS HAVE TAKEN PLACE IN 2018.
IRS Announces End to Offshore Voluntary Disclosure Program
OVDP Closure: Penalties Breakdown
Did you Know?
Fact SevenThanks to FATCA banks must disclose their American account holders to the IRS or local tax authority.
Fact SixThe IRS is actively looking for non compliant US persons.
Fact FiveIt takes an average of 16 hours to do IRS Form 1040.
Fact FourThere are over 500 IRS tax forms.
Fact ThreeSince 1916, illegal income has been taxable.
Fact TwoUS persons must file tax returns no matter where they live and work.
Text One7 million Americans abroad
only 500,000 compliant