If you’re a US citizen or green card holder living in Canada and have not yet caught up on filing your US tax returns now is a great time to take advantage of the IRS’s new streamlined tax filing procedures.
Essentially the IRS is allowing non-resident US tax payers to catch up the last 3 years of US tax returns (1040) and 6 years of late FBARs.
The IRS is however assessing each tax filing with respect to compliance risk and those taxpayers who are deemed to be high risk will face potential additional filing requirement and/or questions from the IRS.
A more detailed discussion of the new streamlined procedures for catching up on your US returns can be found at our firm’s site.
If you would like to reach me to discuss a tax or accounting matter please call 250-661-9417 or email me at email@example.com.
The accounting and tax information provided on this website is for informational purposes only and does not represent binding professional advice. Appropriate tax treatment and advice will depend on an individuals particular circumstances and set of facts.