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Phuket Business: We want to help – IRS

Legacy Phuket Gazette

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PHUKET: The Internal Revenue Service (IRS) insists that it wants to assist US citizens residing overseas, including dual citizens, in catching up with tax filing obligations and
provide assistance for people with foreign retirement plan issues.

“We want to help US citizens abroad get current with their tax obligations and resolve pension issues,” said IRS Commissioner Doug Shulman.

Shulman said that as of September 1, the IRS has offered some US citizens and others residing abroad who haven’t been filing tax returns, a chance to catch up with their tax filing obligations – even if they owe no back taxes at all.

The IRS is aware that some US taxpayers living abroad have failed to file timely US federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs). Some of these taxpayers have recently become aware of their filing requirements and want to comply with the law.

To help these taxpayers, the IRS offers new procedures that will allow taxpayers who are low compliance risks to get current with their tax requirements without facing penalties or additional enforcement action.

These people generally will have simple tax returns and owe US$ 1,500 or less in tax for any of the covered years.

The IRS said that the new procedures will allow resolution of certain issues related to certain foreign retirement plans (such as Canadian Registered Retirement Savings Plans).

In some circumstances, tax treaties allow for income deferral under US tax law.

Taxpayers using the new procedures will be required to file delinquent tax returns along with appropriate related information returns for the past three years, and to file delinquent FBARs for the past six years.

 

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