Yank them into filing

KEY POINTS

• US citizenship.
• Streamlined approach for non-filers.
• Low or high compliance risk.
• Careful analysis needed.

Life liberty the pursuit of happiness … and worldwide taxation forever. American citizens and green-card holders appear to enjoy numerous privileges including the mandatory requirement to file a seemingly ever growing series of annual tax and information returns with the United States Internal Revenue Service (IRS).

Worldwide tax sounds perhaps a fairly simple concept.

However those who overlook filing whether deliberately through lack of knowledge or even because a tax or financial adviser failed to mention the need to do so can be charged penalties calculated on a “pay per form” basis which according to US statutes could quickly run into tens of thousands of dollars.

The penalty for...