EP047: Don't Take a Chance, File Your Tax Returns to Stay Compliant

Don’t Take a Chance, File Your Tax Returns to Stay Compliant

It is the law all U.S. citizens file annual tax returns!

Don’t Take a Chance, File Your Tax Returns to Stay Compliant : Morey and Macarena are back this week with information you cannot afford to ignore, especially if you have offshore assets. The Department of Treasury has access to foreign accounts, and it is the law all U.S. citizens file annual tax returns. Even if you don’t have an income, you are required to file. You may incur penalties, additional taxes, or even legal fees, if the IRS determines you have defrauded the system. If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.

Key Takeaways:

[1:02] Is your passport at risk because of an outstanding tax bill?

[4:25] The U.S. government has access to most international banks.

[5:14] If you don’t file your taxes, the IRS considers it fraud.

[5:58] In Mexico, taxes are collected monthly on foreign corporations.

[8:11] The 8938 and the FBAR are required tax forms.

[10:00] Knowledgeable professionals are your best course of action for staying compliant.

[11:04] The legal cost to defend yourself against the IRS may be more than the tax due.

[12:34] There is value in reputable, reliable financial planning.

[15:56] What can happen if you lose all of your tax and income records?

[18:15] Morey has had direct contact with the IRS to repair tax issues.

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