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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

To speak find out more about our range of tax planning and consultancy services click here or contact us to arrange further comment or an interview with Andrew Aldridge contact us.

US Tax FACTA Comment Andrew Aldridge

Did you Know?

  • Fact Seven

    Thanks to FATCA banks must disclose their American account holders to the IRS or local tax authority.
  • Fact Six

    The IRS is actively looking for non compliant US persons.
  • Fact Five

    It takes an average of 16 hours to do IRS Form 1040.
  • Fact Four

    There are over 500 IRS tax forms.
  • Fact Three

    Since 1916, illegal income has been taxable.
  • Fact Two

    US persons must file tax
    returns no matter where they live and work.
  • Text One

    7 million Americans abroad
    only 500,000 compliant

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