International School Community Blog

Big News from the IRS for Those Abroad Who Are Behind on US Tax Returns

logo About Us | Contact Us facebook  twitter Linkden

good_newsSeriously Good News from the IRS – New “Penalty-Free” Program for Delinquent Expats

We have an important announcement.

IRS has just announced a new Amnesty Program. The old, 2012 program, was popular, but had a number of strict entry criteria. It offered great terms – but only for those who qualified.

As the program proved a success, the IRS is expanding it and also doing away with a number of penalties.

If you are living abroad and are behind on your U.S. taxes
== > This new program is for you.

divider

Most Important Changes

1. You are no longer required to have been living abroad since 2009.

This requirement has now been eliminated. You can apply simply by filing tax returns for the last three years.

2. Less paperwork ==> less risk.

The “risk assessment” concept and the $1,500 maximum US tax liability requirements under the Original Streamline Procedure have been eliminated.

This is very important. If you were afraid to file because you were afraid of being denied entry into the streamlined program due to being high risk – this is no longer an issue.

3. No Penalties.

Eligible taxpayers who comply with the procedures will not be subject to

    • Failure-to-File penalties
    • Failure-to-Pay penalties
    • Accuracy-Related penalties
    • Information return penalties
    • FBAR penalties

unless the returns are selected for audit and IRS finds that tax noncompliance was fraudulent or that the FBAR violation was willful.

4. Ability to transition from the OVDP.

A taxpayer eligible for treatment under the streamlined procedures who submits, or has submitted, a voluntary disclosure letter under the OVDP (or any predecessor offshore voluntary disclosure program) prior to July 1, 2014, but who does not yet have a fully executed OVDP closing agreement, may request treatment under the applicable penalty terms available under the streamlined procedures.

divider

Contact Us To Get Started

If you are behind on your U.S. tax returns or FBARs – the new program offers a terrific opportunity to come clean and start fresh without paying penalties.

At TFX we’ve helped hundreds of Americans join the 2012 Amnesty Program and are considered one of the top experts in the world on it. We’d be happy to help you join the new program and stop worrying about the potential liability of living with unfiled U.S. tax returns.

For full details, please see: Official IRS Announcement.

About Us

TFX is a women-owned and operated tax preparation firm.

We specialize in helping Americans all over the world file their U.S. tax returns. With over 20 years of experience and clients in over 135 countries, we are an ideal partner for your expat tax needs.

Contact Details

Taxes for Expats

105 East 34th St.
New York, NY 10016
www.taxesforexpats.com
questions@taxesforexpats.com

Tel: +1-646-EXPAT-US

 Copyright 2014 Taxes for Expats, All rights reserved.