EP029: Be Vigilant! Stay Current on Your US Taxes Even If You Live Offshore

Stay Current on Your US Taxes Even If You Live Offshore

Be Vigilant! Stay Current on Your US Taxes Even If You Live Offshore! Morey and Macarena stress the importance of tax compliance during today’s podcast. They discuss the little details of offshore accounts and offshore corporations some accountants and lawyers may not deem important. Morey reminds us the IRS is smarter than taxpayers think, and even though you haven’t filed for 5 or 6 years it doesn’t mean they are not aware of your status. They just might be hot on your trail. Morey and his team at Glazer Financial keep up-to-date on all of the changes in tax liabilities and international tax requirements so you don’t have to.

Key Takeaways:

[1:40] Introducing Teresa, Glazer Financial’s international expert.

[3:45] US citizens must file income taxes every year with the IRS, no matter where they live.

[5:37] Annual taxes may apply even if you are only receiving Social Security payments.

[7:30] FACTA rules have locked US citizens in. IRS agents have systems in place to look at your return records.

[9:11] You must have a plan to get current on your taxes and prepare for your financial future.

[9:59] No one knows what the IRS will do in the future to collect taxes.

[10:26] Many accountants are not aware of the requirements for offshore corporations or offshore accounts.

[12:58] Practice vigilance and be suspect of any account or lawyer who tells you not to worry about filing US tax returns.

[15:56] If you haven’t filed your taxes you need to become current before the IRS does.

[16:31] IRS news release ? A New Focus on Tax Professionals

[18:38] Before you set up a foreign trust, check with the IRS to see what tax implications apply.