(PRWEB) October 03, 2012
Effective September 1, 2012 a new IRS program for delinquent American expatriates and dual-citizens living abroad came into effect. American expatriates living abroad who failed to timely file a federal tax return or FBARs (Reports of Foreign Bank and Financial Accounts) have an opportunity to become compliant with the US tax law. “This is an outstanding opportunity for delinquent American expatriates living abroad to come forward and become compliant without paying late filing penalties,” says ZM Ishmurzina, the principal at Artio Partners.
What are the advantages of this program?
Who is eligible to participate in this program?
This IRS program was specifically introduced to help US expatriates living abroad and dual citizens with a low compliance risk. Each expatriate tax return submitted under this program will be reviewed by the IRS to determine a risk level of each taxpayer. IRS will evaluate the risk level based upon the tax return information, presence of any high risk factors and the amount of tax due.
Low-risk taxpayers are eligible to participate in this program. Taxpayers without high risk factors and a tax due less than $1,500 in each of the years are considered “low risk” and will be processed in a streamlined way.
High-risk taxpayers with more complex tax returns and higher tax due undergo a more detailed review and might be required to file more than three years of tax returns.
Which factors are considered to evaluate a risk of taxpayer?
Some of the factors that might increase a risk level are the following:
Should you hire a CPA to help with this process?
IRS will carefully review every expatriate tax return submitted under this program. If you decide to proceed with an expatriate tax professional, make sure to choose a CPA who specializes in US tax expat planning and preparation for Americans living abroad.
International tax experts at Artio Partners will help you participate in this program and become complaint. Our transparent flat fees start from $260. To learn more about our services, please visit http://www.artiopartners.com/
About Artio Partners
Artio Partners is a CPA firm for American expatriates living abroad and dual citizens. We specialize in US expatriate tax preparation, past due expat tax returns and complex international tax issues like FBAR, FATCA, foreign tax credit, foreign real estate, PFIC, foreign adoption and controlled foreign corporations. For more information please visit http://www.artiopartners.com/