US Tax & Financial Services Tax Director Speaks in The Times
Andrew Aldridge, tax director at US Tax & Financial Services, recently provided expert comment for an article in The Times, which highlighted how the IRS is targeting US persons in the UK under new rules to combat tax evasion.
The article, which was recently published in The Times on Saturday 15th March 2014, highlighted how The IRS is on the trail of thousands of Britons who are US persons and are liable pay tax. The US is one of only a few places in the world to tax by citizenship rather than residency.
The news article also explained how the IRS is encouraging individuals to come forward and take part in their Offshore Voluntary Disclosure Program (OVDP).
In the article, Andrew said: “Under an Offshore Disclosure Program you are required to produce eight years of income tax returns.”
He also noted that there were potential penalties for failure to file various informational returns of $10,000 a year per return or the taxpayer could agree to a one-off penalty of 27.5 per cent of net worth.
The full article can be found here: http://www.thetimes.co.uk/tto/money/article4034017.ece
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