THE TRANSATLANTIC MAGAZINE
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The IRS have confirmed the approval of new compliance campaigns focusing on overseas Americans. The new campaigns, which were announced mid July, include a follow up to the now ended Offshore Voluntary Disclosure Program (OVDP), and a focus on Americans who have moved outside of the United States since 2008. We have included the IRS statements below.
Post OVDP Compliance: "US persons are subject to tax on worldwide income. This campaign addresses tax noncompliance related to former Offshore Voluntary Disclosure Program (OVDP) taxpayers’ failure to remain compliant with their foreign income and asset reporting requirements. The IRS will address tax noncompliance through soft letters and examinations."
Expatriation: "US citizens and long-term residents (lawful permanent residents in eight out of the last 15 taxable years) who expatriated on or after June 17, 2008, may not have met their filing requirements or tax obligations. The Internal Revenue Service will address noncompliance through a variety of treatment streams, including outreach, soft letters, and examination."
Full details can be found via the IRS Statement
If you have any doubts or questions about how these new compliance campaigns may affect you, definitely contact your US Tax agent, or check out our A-List Directory's list of US Tax experts.