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Latest News for US Citizens Overseas with Dual Citizenship.
The Internal Revenue Service announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues.
The IRS will provide a new option to help some U.S. citizens and others residing abroad who haven’t been filing tax returns and provide them a chance to catch up with their tax filing obligations if they owe little or no back taxes.
The New Tax Procedure
Will go into effect on Sept. 1, 2012. The IRS is aware that some U.S. taxpayers living abroad have failed to timely file U.S. federal income tax returns or Reports of Foreign Bank and Financial Accounts .
Some taxpayers have recently become aware of their filing requirements and want to comply with the law. Many have made innocent mistakes.
The IRS offered the new procedures that will allow taxpayers who are low compliance risks to get current with their tax requirements without facing penalties or additional enforcement action.
Taxpayers generally will have simple tax returns and owe $1,500 or less in tax for any of the covered years.
Taxpayers using the new procedures will be required to file delinquent tax returns along with appropriate related information returns for the past three years, and to file delinquent FBARs for the past six years.
Submissions from taxpayers that present higher compliance risk will be subject to a more thorough review and potentially subject to an audit, which could cover more than three tax years.
US Citizens Overseas, Dual Citizenship – Tax Problem, Tax Help – Attorneys, Former IRS – Tax Representation Experts