US IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney
Time Sets Forth Taxpayer Characteristic of Those Most Likely To Be Audited
Those most likely to be audited by the IRS include the following individuals:
People who show more than $10 million in income or NO income at all!
People who file International Tax returns and show International Activies on Their Return
The IRS is using various laws and other techniques to locate the Seven Million Americans who live outside the US. It appears that over half of those individuals are still not filing annual tax returns as required by law. If you do file, you do not get doubled tax since you get credit for taxes you pay to foreign countries which directly offset your US income tax on the same income.
There are special reporting forms for US bank accounts, foreign corporations, foreign trusts, foreign partnerships, foreign mutuals funds, etc. Failing to file these forms can result in penalties of $10,000 or more and often the statue of limitations never runs out on the IRS's ability to audit your return if you fail to file these required forms.
Let us help you catch up and enter the programs which currently exist and may be terminated any day by the IRS which reduce or eliminate many penalties for failing to file or filing late. Email us at firstname.lastname@example.org. We offer all clients the absolute legal privacy of Attorney/Client privilege if required. Don D. Nelson, Attorney at Law, CPA.