STREAMLINED FILING COMPLIANCE PROCEDURES
The US is the only developed country that taxes its citizens on their worldwide income, whether or not they are resident in the USA.
Many US citizens living outside the US have been born in the US as a child of non-American parents and have thus automatically obtained US citizenship. After their birth, they returned to their home country with their parents, where they grew up and never returned to the United States. Their foodstuff is located in their respective home country, where they pay annual taxes on their income.
IT IS SUFFICIENT CRIMINAL PAYMENTS
Although these individuals do not have any personal or economic relations with the US, they must submit a US tax return and the FBAR form every year, due to their US citizenship. Failure to comply with the US tax laws may lead to substantial penalties.
Most of these people were unaware that they had to declare and tax their non-American income in the US. In September 2012, the US legislature introduced the Streamlined Procedure, which is directed at those who have not complied with the US tax laws and can justify the fact that their action was not intentional. The purpose of this program is to return as many taxpayers as possible to tax compliance in a short period of time and with the abolition of penalties.
Because the streamlined procedure can be canceled at any time, we recommend that you remedy your US tax defaults as soon as possible. Contact us and we’ll help you determine if you meet the recording criteria for the streamlined procedure. Our employees have many years of experience with the preparation of US tax returns in the Streamlined process.