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.
American tourist badly injured in rock climbing fall
June 28, 2017 | 05:48 PM
KRABI: Another tourist, this time an American, has been seriously injured while rock climbing in Phuket's neighboring Krabi provin...
ATM skimming: Two more Chinese tourists arrested
June 28, 2017 | 03:37 PM
PHUKET: Two Chinese ATM skimmers were arrested in the act of installing their equipment at an ATM in Thalang yesterday afternoon. ...
Masked robbers with a shotgun and an M16 foiled by a single man in Phang-nga
June 28, 2017 | 09:21 AM
PHANG NGA: Police are hunting for two men who used an M16 machine gun in a failed attempt to rob a snooker hall in Phang-nga on Mo...
Minister hammers Phuket Airport, alleging that women are allowed to touch monks
June 26, 2017 | 05:28 PM
PHUKET: Phuket Airport Director Phet Chan-charoen made a statement yesterday after mass circulation Thai Rath newspaper ...
Hooper Trips Asia: Inle Lake Boy, Inle Lake, Myanmar
June 26, 2017 | 03:30 PM
Life on Inle Lake hasn’t changed much in the last 150 years. It is an idyllic place in this modern world where life is far less...