by Fresh Start Tax | Jul 5, 2012 | FBAR, IRS Tax Debt, Tax Lawyer
Expatriate Professional Tax Services. We are comprised of Tax Attorneys, CPAs, Former IRS Agents with over 205 years of total professional tax experience and over 60 years of direct work experience at the IRS in the local, district and regional tax office.
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Tax Tip regarding Form 8854 – the importance of the filing of this form
What to do if you have not filed a Form 8854?
individual taxpayer(s) that renounced their United States citizenship or terminated their long-term resident status for tax purposes on or before June 3, 2004 must file a Form 8854 to comply with the notification requirements under IRC 877 and 877A.
Furthermore, pursuant to IRC 7701(n), until such individuals both files a Form 8854 with the IRS and notifies either the Department of State or of Homeland Security of their expatriation or termination of long-term resident status for tax purposes, such individuals will continue to be treated as if they were still United States citizens or residents for tax purposes.
With the new modernization program under the new health care program and the hiring of new agents, we can expect to see a huge crack down in this area.
Also, for individuals that expatriated after June 3, 2004, IRC 6039G requires annual information reporting for each taxable year during which such an individual is subject to the rules of IRC 877.
The annual Form 8854 is due on the date that the individual’s U.S. income tax return for the taxable year is due or would be due if such a return were required to be filed.
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We also specialize in the filing of back tax returns and tax settlements.
by Fresh Start Tax | Jun 29, 2012 | Back Taxes, Expatriate Tax, Income Tax Preparation, IRS Tax Debt, Offer in Compromise, Representation, Tax Lawyer, Tax Returns, Tax Settlements
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Expats and everyone living abroad including those with FBAR issues, BEWARE.
Under Obama Care the IRS will be given over $500 million large to enforce compliance and collections of IRS Tax Laws and much of the budget is to aggressively go after International money.
The IRS will be carefully watching Expats because of the non compliance from ExPats.
IRS has found that many Expats not in filing compliance. IRS plans to change this starting next year.
The IRS report is specially targeting international money and IRS is setting Agent Groups up specializing in ExPat stuff.
This is not to scare you but just stating fact. If you are in compliance you do not need to worry or read the rest.
If you are having tax issues or you are in non compliance with the IRS and need to chat, hit us up for a free tax consult. We specialize in Expat Tax.
We have worked countless numbers of these cases.
Since we have worked for the IRS we know all the tax strategies and procedures related to the tax filings and tax settlements to get you through worry free.
Penalties for not filing.
Significant penalty imposed for not filing expatriation form
Anyone who has expatriated or terminated his U.S. residency status must file Form 8854, Initial and Annual Expatriation Information Statement (PDF). Form 8854 must also be filed to comply with the annual information reporting requirements of Internal Revenue Code section 6039G, if the person is subject to tax under Section 877 of the Code.
A $10,000 penalty may be imposed for failure to file Form 8854 when required.
IRS is sending notices to expatriates that have not complied with the Form 8854 requirements, including the imposition of the $10,000 penalty where appropriate.
The Instructions for Form 8854 (PDF) provide details about the filing requirements, related definitions and line-by-line instructions for completing the form.
Failure to file or not including all the information required by the form or including incorrect information could lead to a large penalty and tax enforcement.
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Expatriates IRS Tax Consultants – Income Tax Prep, File, Tax Settlements – Tax Attorneys, Former IRS
