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Issue:
4261
/
Categories:
Comment & Analysis
, America
, Arctic Systems
, FBAR
, HIRE Act
, Internal Revenue Code
, Internal Revenue Service
, IRS
, PFICs
, United States
, USA
DAVID TREITEL explains why US citizens abroad have to take care to meet their tax obligations
KEY POINTS
- Americans are always taxable by the US.
- Annual US returns are required.
- From 2013 banks may automatically be disclosing all US persons to the IRS.
- Annual financial information returns are required.
- Penalties abound for the unaware.
Would you choose to provide the tax authorities a full balance sheet of your financial assets every year? Did you know that most Americans in the UK will not have the choice from their 2011 US tax reporting? 
They will just have to comply. The tax world is getting tougher.
Tina’s story
Tony is a successful architect who I met recently along with his wife Tina. Their accountant had done all of the right things...
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