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Guidance is required on the following matters to do with US tax for wife who is a US citizen permanently resident and employed in the UK since age of 20 in 1982. Issues Wife has not ever filed US tax return; she did not realise she was required to do this as she had no US income through employment or investments or other holdings.

What are penalties/procedures associated with now filing US tax returns and other IRS forms associated with foreign investments for wife and her 2 children and how can these be mitigated?
What are the scale of US tax liabilities associated with wife's inheritance at present
and in future with FACTA and how can these be mitigated ?
What are US tax liabilities associated with wife's current assets (homeowner, pension fund and investments) at present and in future with FACTA ?

Can US tax liabilities in future be mitigated by wife changing from US to UK citizenship ?

Tax Liability
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Tax Professional Answers

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Hongde Liu
According to IRS Publication 54, there is a Walk-in tax assistance available at London, England, Call (44) (20) 7894-0477 for help.

Or find a tax lawyer who is specializing in tax issues relating US Citizen oversea. You may find one in England.
You can talk all the possibilities with the lawyer.  
Leave a Comment 364 weeks ago

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Manasa Nadig
Your wife may be eligible for the "New Steamlined Procedure" designed by the IRS for Non-Resident, Non-filer US Citizens who have resided outside of the U.S. since January 1, 2009, and who have not filed a U.S. tax return during the same period.

As for the FATCA requirements: Via the Streamlined Procedure, you can submit copies of filed FBARs for the last six years for which an FBAR is due. (You should file delinquent FBARs according to the FBAR instructions and include a statement explaining that the FBARs are being filed as part of the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers

Please read my post on the Tax Connections Blog about the above (link attached). http://taxconnections.com/taxblog/streamlined-procedure-and-foreign-bank-account-regs-for-non-resident-us-citizens/#.U3UNdfldVGs

For more help with this you can connect with our firm. 
Leave a Comment 361 weeks ago

 

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