Jonathan Ruben, Toronto Chartered Accountant - Certified Financial Planner &  Public Accountant (U.S)

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tax amnesty guidelines for non-resident U.S. citizens

Who is eligible?

Non-resident U.S. taxpayers who have resided outside of the U.S. since January 1, 2009 and who have not filed a U.S. tax return during the same period. These taxpayers must present a low level of compliance risk.

What is low level of compliance risk?

Generally, a "low risk" return will consist of a simple tax return with no taxes owing (or less than $1,500). However, the IRS will determine if a tax return presents a low compliance risk.

What will happen?

If a tax return is determined to be "low risk", the review will be expedited and the IRS will not assess penalties or pursue follow-up actions.

What should you do?

Taxpayers utilizing this procedure will be required to file delinquent tax returns for the past three years (reduced from six years) and to file delinquent FBARs for the past six years. Payment for the tax and interest, if applicable, must be remitted along with delinquent tax returns.

What is an FBAR?

Foreign Bank Account Reporting (FBAR) is a form required by the IRS from U.S. citizens who own or have signing authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts.
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