IRS Announces Plan to Help Delinquent Overseas Filers
On June 26, the IRS issued IR-2012-65, 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."
IRS Commissioner Doug Shulman said, "Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations and resolve pension issues."
Delinquent filers will still have to file back tax returns and FBARs (Foreign Bank Account Reports) but a large majority, who are "low compliance risks" with simple tax returns and who owe little or no tax, will face no "penalties or additional enforcement action."
FYI - Taxation News
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FATCA in the News
- Four Ways to Get FATCAed
- FATCA Losing Its Way
- Overseas Americans: Time to Say 'Bye' to Uncle Sam?
- From 'The Hill': FATCA, a Simple Premise Gone Terribly Wrong', co-authored by AARO Board Member Victoria Ferrauge
- How to Lose Friends, Citizens and Influence (July 18)
- Letter from Congressman Bill Posey to Treasury Secretary Lew, questioning the feasibility of FATCA implementation
- Reed-Schumer Amendment on "Ex-Citizen Tax Dodgers"