U.S. Citizens in Canada InfoShop

2011 Dec 7 – IRS

 
Information for U.S. citizens or dual citizens residing outside the U.S.
IRS (7 Dec 2011)


http://www.irs.gov/uac/Information-for-U.S.-Citizens-or-Dual-Citizens-Residing-Outside-the-U.S.

This is the official statement from the US Internal Revenue Service that was foreshadowed by an Oct 18 Ottawa speech by US ambassador to Canada David Jacobson. “Taxpayers who owe no U.S. tax (e.g., due to the application of the foreign earned income exclusion or foreign tax credits) will owe no failure to file or failure to pay penalties. In addition, no FBAR penalty applies in the case of a violation that the IRS determines was due to reasonable cause.” Two subsequent paragraphs sketch considerations relating to determination of “reasonable cause.” Notice is given of new Form 8938. Nothing is said about mitigation of OVDI penalties.
 

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Written by usxcanada

7 December 2011 at 6:00 am

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