Am I eligible for tax amnesty if I filed years ago but haven't over the last ten years?
Tax Professional Answers
Many tax payers when they move overseas will think that they do not have to file taxes when their lower longer in the US. Then the next year, it is harder to file taxes because they do not know how to explain why they hadn’t filed the year before. And you can become emotionally trapped. Year after year the fear gets bigger.
But the IRS is offering some of the best set of tax amnesty programs they’ve ever offered. And the time to act is now. The IRS wants taxpayers to come in from the cold, so to speak. One of the most popular tax amnesty programs for those living abroad is the Streamlined Foreign Offshore Procedure. Just file the last three years of tax returns, six years of foreign bank account reports and a certificate of explanation. If you owe any taxes, pay just the taxes plus a reasonable interest. There are no additional penalties for late payments or filing.
70% of my clients have gone through a tax amnesty program. I specialize in helping Americans living abroad to come into compliance with the IRS. But everybody situation is different so it’s best to talk to someone who is done hundreds of these. It is surprisingly easy and affordable. Most of my clients are surprised at how little taxes they owe.
-- Clinton Donnelly DonnellyTaxLaw.com
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