How to avoid FATCA US Tax Compliance Penalties for Americans abroad (Part 1)

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• published: 27 Mar 2015
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How to avoid FATCA US Tax Compliance Penalties for Americans abroad (Part 1) - Patrick Evans, CPA talk about how US tax payers abroad can stay compliant with the IRS. Share this video: https://www.youtube.com/watch?v=0WbKBb7-L8M Subscribe to our YouTube channel for news and updates tips on US Tax: http://www.youtube.com/channel/UCgEa_skdgaL32KH1ktXXhOQ?sub_confirmation=1 Visit our website: http://www.USTaxPractice.com FATCA TAX Compliance - Streamlined Filing Compliance Procedures: 0:00 Did you know that if you are a US Tax payer abroad and you’ve never filed U.S. income taxes you may not be compliant with your U.S. tax obligations. 0:16 Hi, I’m Patrick Evans, founder of US TAX PRACTICE. I’m a US Certified Public Accountant based in Switzerland servicing US Tax payers here and in the rest of Europe and I am in the business of helping fellow US Tax payers with their tax compliance. 0:27 Did you know that U.S. citizens and green card holders who are looking to get caught up on their U.S. income tax filings can now take advantage of two “favorable” taxpayer programs? In this video I will take you through the first program so make sure to watch it to the end so that you can find out about the second program. 0:42 The first program is called Streamlined Filing Compliance Procedure intended for U.S. persons who neglected to file U.S. tax filings due to non-wilful conduct. This basically means that the taxpayer was not aware they needed to make tax filings or pay U.S. income taxes as an honest misunderstanding of U.S. tax law. 1:08 And this is not uncommon among accidental Americans (like citizenship gained through parents, birth in the U.S., etc.) and U.S. expats who have resided abroad for a long period of time. By entering this program you will have either no penalty or a 5% penalty. 1:21 The Streamlined Filing Compliance Procedures require taxpayers to file the previous three years (not including current year) of income tax returns, pay tax and interest for late payment, file six years (not including current year) of Foreign Bank Account Reports (FBAR’s) and complete a certification statement certifying that there conduct was non-wilful. We can help you with all of these. To qualify for Streamlined Filing Compliance Procedures you must have: 1:57 Resided outside of the U.S. for at least 330 full days for any one or more of the most recent three years and whose failures to comply with U.S. tax law was due to non-wilful conduct. This incurs a zero penalty 2:00 Resided inside the U.S. and have filed U.S. tax returns for all previous years and their failures to report income on their tax returns or foreign financial accounts was due to non-wilful conduct. This incurs a 5% penalty. 2:16 In my next video I will tell you about the Offshore Voluntary Disclosure Program – this is for US persons who knowingly neglected to pay their taxes and this may expose such persons to potential criminal liability. 2:30 If you have a more specific question on US tax compliance just call on country code 41 52 533 45 81. Leave your comments in the section below and don’t forget to subscribe to our YouTube channel for more US Tax updates and tips. 2:46 I’m Patrick Evans with US Tax Practice. Thanks for watching and see you in my next video. FOLLOW US: Facebook https://www.facebook.com/USTaxPractice Twitter https://twitter.com/US_Tax_Practice Google+ https://plus.google.com/+USTaxPractice LinkedIn http://www.linkedin.com/company/us-tax-practice Subscribe to my YouTube channel for updates and tips on Swiss tax news: http://www.youtube.com/channel/UCgEa_skdgaL32KH1ktXXhOQ?sub_confirmation=1 Call us for a free consultation. +41 (0) 52 533 45 81 US Tax Practice Switzerland Ahornstrasse 1, 8200 Schaffhausen, Switzerland http://www.USTaxPractice.com How to avoid FATCA US Tax Compliance Penalties for Americans abroad (Part 1)