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Expat Articles » New Tax Rules now in Place for US Expats


New Tax Rules now in Place for US Expats

By Greenback Expat Tax Services

This year something very special happened on June 26th, not only did the world celebrate International Day against Drug Abuse and Illicit Trafficking (what, how could you forget!) but the IRS made some important announcements that could affect expats everywhere!

The big changes that are going to take place revolve around the rules for filing taxes as an expatriate. Before, as an expat coming forward you could face hefty fees or even jail time if you were behind on your taxes! Now, they are putting in place a series of small steps that make it easier than ever to get caught up with the IRS.

These new regulations have been put in place to help those who would have had little to no tax obligation (like those of you who fall under the income exclusion of $92,900), come forward without punishment. This is awesome news for those of you who did not know you had to file or for those who have been hiding from the IRS all these years (you know who you are).

The IRS also announced changes in the number of years you need to catch up on. In previous years you would have to file between six and eight years of back taxes to be considered up to date. Starting in September, you can be up to date by filing only three years! This will save you a ton of time and effort! Get your paperwork ready now; there will never be a better time to get caught up with the IRS! Besides, no one knows how long these new rules will last…

The new regulations also covered topics such as foreign retirement plans and pension issues. For the full article, and more information, visit here.

The IRS is also re-opening up the Offshore Voluntary Disclosure Program (OVDP). This program was put in place to limit the laundering of money in offshore accounts. Unfortunately, many expats were unknowingly put in a sticky situation because of the new rules and regulations. They too can now come forward at reduced penalties and no jail time!

Contact us today to learn more about these amazing opportunities on how to catch up on your US taxes. We can take all the work out of filing your US expat taxes.

 

© Greenback Expat Tax Services

This article is written by Greenback Expat Tax Services. We are a team of specialized CPA’s and EA’s that deal only with expat taxes, and have been for over thirty years! Look us up today to make this your most painless tax year yet!