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Update on IRS Tax Amnesty Programs
For the last eight years, the Internal Revenue Service has offered a number of tax amnesty programs to allow taxpayers to come forward and declare unreported non-U.S. source income and assets. Using these programs reduces penalties and can prevent criminal prosecution. We have previously written about some of these programs: Internal Revenue Service Amnesty Programs […]
Internal Revenue Service Amnesty Programs
November 17, 2015In 2014, the IRS announced changes to its programs to help delinquent taxpayers file U.S. tax returns. We blogged about the changes to the Streamlined Foreign Offshore Procedures and Streamlined Domestic Offshore Procedures before; you can click to read our blog Internal Revenue Service Announces Changes to Streamlined Programs. The IRS has also created a […]
Year End Planning – U.S. Citizens Who Own Canadian Mutual Funds
November 10, 2015U.S. citizens living in Canada face adverse US income tax consequences where they own Canadian or other non-U.S. mutual funds. If you are not sure how the US’s “Passive Foreign Investment Company” rules apply here, please see our previous blog entry US Persons Holding Non-U.S. Mutual Funds. If you are familiar with this issue, then […]
Changes to Certain Cross-Border Tax Amounts for 2015
February 4, 2015As the calendar changes to 2015, both the Internal Revenue Service and Canada Revenue Agency have changed or left unchanged certain amounts and figures. Below are some of the revised amounts, numbers and limits for the year 2015 relevant to U.S. citizens resident in Canada. Changes to Certain Cross-Border Tax Amounts for 2015 Item New […]