If your earnings from whatever source and from anywhere in the world exceed a certain minimum
amount you must file a US tax return with the IRS. Also there are many special forms which must be filed to report foreign financial accounts, foreign corporate or partnership ownership, foreign trusts, foreign gifts and inheritances, and earnings from foreign mutual funds. If you fail to file these forms you can be prosecuted and go to jail. If you file a return you cannot go to jail for failure to pay the taxes due.
READ MORE ABOUT IRS CRIMINAL LAW FOR TAX MATTERS HERE
The statute of limitations for filing returns and collecting taxes never runs out if you fail to file a required IRS income tax return. If you need help email Don D. Nelson, US Tax Attorney at Law at ddnelson@gmail.com for a consultation.
