Skip to main content

Strategies are so important in this area of compliance.  The U.S. Government has many disclosures required of Americans with foreign investments, asset ownership, residence, bank accounts, retirements, reporting requirements, filing deadlines and now amnesty that the perceived options are overwhelming.

Proposals made by the IRS websites and tax practioners vary greatly and have unforeseen consequences to each particular person.  There simply is no one solution or strategy for all people.

When you file a tax return, many events will begin.

First, if you have not filed in many years, the computer will note that you are really not dead, but delinquent.

Second, you will get communications from the IRS both automatic computer generated and personalized from an IRS Field Agent or Office Agent to come in for an initial meeting (the beginning of your audit).  Please call your attorney before making any reply or response.  Generally, now the initial communication will require a response on your part within 10 days.  Again, please contact us before the 10-day period expires.

Third, even if you qualify for the Amnesty Program and, even if, you satisfy the minefield of compliance under the IRS Amnesty, remember that your foreign country of residence and/or your U.S. state of residence or domicile, now or in the past, will get this information from the IRS and proceed to collect taxes from you since they are also a debt collector for their government and there may be no amnesty offered by them.

Fourth, with information mining from other people in Amnesty programs giving up names of neighbors, friends, attorneys, accountants, financial planners who may have promoted in some fashion your non-filing, tax non-compliance, and ill-thought out strategy, they and their current and past clientele will be mined by the IRS as it soon branches out like a family tree of potential IRS targets.

Fifth, don’t be an IRS target, get compliant now while you still have benefit of time and options available to you, give us a call for a proper strategy that works.