American expatriates who have not filed their taxes in years past could get 'caught' much easier and held liable for not only back taxes owed, but also hefty fines.
London, UK (PRWEB) June 4, 2010
Americans living abroad only have a couple more weeks to file their US federal tax returns. Expats who don’t think they need to file should look closely at the new tax laws pertaining to American expatriates.
“The US government is using a new law - the Foreign Account Tax Compliance Act (FATCA) to force foreign financial institutions, trusts and foreign corporations to provide information on undisclosed assets held abroad,” said David McKeegan, founder of Greenback Tax Services. “If those institutions fail to do so the IRS can hit them with a 30% withholding tax on ALL INCOME originating in the US. This is a very compelling reason for the banks to comply with this request and provide data to the IRS on all US Citizens who have accounts with them outside the USA.”
This could mean that American expatriates who have not filed their taxes in years past could get ‘caught’ much easier and be held liable for not only back taxes owed, but also hefty fines.
The approximately 5.25 million Americans who live and work abroad are expected to file their tax returns by June 15th. However, if they owe money to the government, interest is charged from April 15th, the official deadline for federal taxes. Although the official expat deadline is June 15th, expats can file an additional extension until October 15th.
For more information about how to do so, expats should consult http://www.greenbacktaxservices.com.
Greenback Tax Services, a global tax firm focused solely on the unique needs of American expatriates, recommends that expats get started on their Federal returns as soon as possible. They offer full preparation of US Federal returns for a flat fee of $299.
About Greenback Tax Services
Greenback Tax Services specializes in US Tax Return preparation for US citizens living abroad. Incorporated in New York, Greenback offers straight-forward, internet-based tax services with transparent fees to clients around the globe. Greenback Tax Services CPA’s have over 30 years experience and are experts in the ins-and-outs of expat returns. Greenback Tax Services has particular expertise in helping customers who have fallen behind on their expat tax returns get back on track. Additional information is available at http://www.greenbacktaxservices.com.