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By: Frank Bilotta Email The Author
Director of Tax
Uncle Sam To Go Easy on American residents in Canada?
After heavy protest from Ottawa, the IRS is preparing to offer a reprieve to American citizens, living in Canada, who have neglected to file U.S. tax returns.
Many Americans stopped filing long ago, assuming that they weren't required to file because they were living in Canada. However, unlike most countries, the U.S. requires its citizens to file tax returns each year, regardless of where they live or work. In an effort to crack down on citizens who have hidden assets in offshore accounts, the IRS has been issuing massive penalties, but according to David Jacobson, the U.S. Ambassador to Canada, the penalties for late filing will be waived for those who come clean, as long as taxes are not owed.
More details on the policy shift are expected to be released by the end of December, 2011. Stay tuned for updates.
Topic: SBLR Blog
Posted by Frank Bilotta : 2 December 2011, 10:11AM
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