There are a lot of things that make the US a fantastic place to live. Its tax code is not one of them.
No matter where you live in the world, if you are a US citizen, you’re on the hook for paying your proverbial fair share of taxes. If you are a new US citizen living stateside and have a green card, consider that your ticket to share in the fun of giving Uncle Sam a portion of your hard-earned cash. Lucky you.
Unlike most other civilized nations, the US taxes its citizens and green card holders on their income wherever it’s earned. The complicated tax code itself is rife with complex reporting requirements that include severe potential penalties for those who fail to comply.
In 2010, the IRS decided to play hardball with those who didn’t file. With its backing, the US Congress passed Foreign Account Tax Compliance Act (FATCA), which forcefully pushed foreign banks and other financial institutions to provide information on US citizens who were hiding millions in offshore accounts.
The IRS Has a Heart for the Innocents?
While the stated effort of the FATCA is understandable, many US citizens and green card holders who simply didn’t understand or even know about their tax responsibilities became entangled in its web.
For many, the actual reasons for not filing were and are usually quite benign. The most common are:
- I have an offshore account and didn’t know that it was subjected to US tax laws;
- Once I got my green card, I had no idea I still had to pay taxes on money I earned in my homeland;
- My life is just too darn busy; or
- I can’t afford to pay my taxes.
While we won’t go so far as to say the IRS has a heart, we will give credit where it’s due and acknowledge they are being somewhat human.
In 2012, the IRS established a new streamlining filing system for non-resident US citizens and ones with green cards, with the realization that many had not paid their taxes on time because of honest mistakes but now want to comply with the law.
The financial benefit to streamlining and settling up is fairly sizable as well. Taxpayers residing in the US whose failure to report foreign financial assets and pay all tax due on those assets was not the result of willful conduct are subject to only a 5% miscellaneous offshore penalty.
Contrast that with taxpayers whose conduct in not filing was willful: they pay a much higher 27.5% miscellaneous offshore penalty.
Tax Law is Confusing But We’re Geeks: Work With Us for One Small Fee to Ensure It’s Done Right
For a flat fee of $195, we can clear your tax lien, regardless of how many years worth of taxes you owe.
We know the tax code inside and out and from front to back. We’re geeky that way. We’re experts at helping people who have honestly been overlooking their tax requirements.
For the one-time fee of $195, you can rest easy that we will make sure the IRS knows you’re not one of the bad guys, and that all of the proverbial paperwork –the IRS loves its paperwork – will be completed and filed properly, and you can get on with living.
To get the ball rolling, send an email to Eric Stuhler at email@example.com.