Contact: ESV Chartered Accountants (New South Wales, Australia)
The United States Internal Revenue Service (IRS) has announced an indefinite extension to an amnesty to assist US Citizens living outside the United States meet their US tax obligations.
US citizens living abroad, including holders of dual citizenship and some non-US citizens acting as signatory for US bank account holders, are required to lodge income tax returns and/or Reports of Foreign Bank and Financial Accounts (FBARs) in the United States. The lodgement requirements also extend to minors.
The amnesty allows those US citizens with outstanding returns to file returns for the last 3 years and FBARs for the last 6 years without facing penalties or additional enforcement action. Earlier years' returns and FBARs will not be required to be lodged.
Data sharing between the IRS and the equivalent foreign revenue authorities (e.g. the Australian Taxation Office in Australia) has seen the IRS and/or the United States Treasury commence contacting US citizens abroad who have not met their US tax reporting obligations.
If you are unsure whether you may have a US filing requirement or need assistance with meeting US tax obligations, please contact ESV Chartered Accountants for further information.
