There are lots of scare stories going around about the possible consequences for not filing U.S. taxes as an expat. You may have heard for example about U.S. passports being revoked, sizable FBAR penalties, and banks closing expats’ accounts because of FATCA. So if you’re an expat who’s behind with their U.S. tax filing, you may well be at least a little bit concerned. Read more
If you have fallen behind on your US expat taxes, you are not alone! There are approximately six million Americans living abroad and only about half actually filed their US taxes, which is a US tax law requirement. So if the IRS has contacted you about delinquent tax returns, what should you do? First off, don’t panic! Here are a few tips on what to do next.
The worst thing you can do is ignore the notice. If you don’t think that you will be able to gather the proper documentation and file the return(s) by the deadline they provide, call them right away. Explain that you are aware of the delinquency and you are doing your best to resolve it. Often they will give you a few extra weeks if you are honestly trying to resolve the situation. If you do nothing at all, the IRS can file a return on your behalf and assess a Read more
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