Even though you have never been contacted by the IRS, you may still be required to file a U.S. tax return. Not filing because the IRS is unaware of your filing requirement is not a sensible approach. As a U.S. citizen, you have a legal duty to fully comply with U.S. tax laws. You are liable for various penalties and even criminal prosecution in case the IRS is informed about your non-compliance.

STREAMLINED PROCEDURES

The IRS recognizes that taxpayers who were previously unaware of their tax filing obligations would now like to become tax compliant. The streamlined filing compliance procedures are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part. Non-willful conduct is conduct that is due to negligence, inadvertence, or mistake or conduct that is the result of good faith misunderstanding of the requirements of the law.

VOLUNTARY DISCLOSURE

Even if you may not meet all requirements for the streamlined procedures, not filing is not a sensible approach. If you have willfully failed to comply with tax or tax-related obligations, submitting a voluntary disclosure may be a means to resolve your non-compliance and limit exposure to criminal prosecution. The IRS recently outlined the process for voluntary disclosures following the closing of the Offshore Voluntary Disclosure Program on September 28, 2018. A timely voluntary disclosure may mitigate exposure to civil penalties. The IRS requires taxpayers to fully cooperate.

CONTACT

We strongly recommend that you become compliant as soon as possible. Please contact us with any questions you may have about filing a late tax return and your options to become compliant. Our tax professionals have helped many U.S. taxpayers become compliant. We guarantee swift and hassle-free preparation and filing of your U.S. tax returns.