Filing Strategies for Delinquent U.S. Taxpayers: Bad News and Good News.
U.S. citizens and Green Card holders living outside the United States are often unaware of their U.S. tax filing and disclosure obligations. In a two-part video series, Andersen Tax LLP partner, Warren Dueck reviews the obligations and strategies available to delinquent U.S. taxpayers. The videos cover who is required to file, what types of accounts must be disclosed, and why you should be proactive about correcting any failures to file. There are several options available to correct deficiencies and minimize, or avoid, associated penalties.
In most cases, it’s not the tax owing that is the major problem; it’s the penalties associated with failing to file and disclose. Addressing these issues has become increasingly important since the introduction of the Foreign Account Tax Compliance Act (FATCA) in the U.S. While a Do-It-Yourself approach to correcting your tax status with the IRS is an option, getting it right requires that you understand the nuances of U.S. tax law and how it applies to your specific situation. The downside to getting it wrong may be significant penalties.
Andersen Tax LLP frequently helps U.S. citizens and Green Card holders living outside the U.S. to address filing obligations and deal with delinquent returns and disclosures.
As with any tax situation, the specific facts involved will affect how the law applies and determine the outcome. These videos provide general commentary and are not intended to be legal or tax advice. If you have questions about your filing obligations or how to handle delinquent U.S. tax returns, you should seek professional advice. We invite you to contact us to discuss your situation. We can explain your options and implement a plan that best achieves your goals.