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Coming clean

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13 March 2012 / David Treitel
Issue: 4345 / Categories: Comment & Analysis
Non-compliant Americans living overseas have five choices, says DAVID TREITEL

KEY POINTS

  • All US citizens must file US tax returns.
  • The OVDP reopened in January 2012.
  • Impact of FATCA.
  • Consider all options.

US citizens residents and green card holders are required to file annual US tax returns whether or not they live in the United States of America. US persons are also required to file foreign bank account reports (FBARs) disclosing non-US bank and financial accounts.

Failure to file either of these accurately or on time can lead to substantial penalties.

According to US government statistics some seven million US citizens live outside the USA. About 800 000 of these file US income tax returns while only 500 000 comply with FBAR filing requirements.

Minnie: the delinquent!

One morning Mickey and Minnie visit their tax adviser. Mickey and Minnie have...

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