Forget OVDI, File Your US Tax Return First
For any one who has not filed US tax return in the past OVDI is not for you. OVDI is an admission of crime, under tax law. US citizens must file their tax return first and bring up to date their delinquent tax reports.
Here is why US citizens must file US Tax Returns….
**It’s the law – If you are a U.S. citizen or resident alien, you must report income from all sources within and outside of the U.S (worldwide income). It’s that simple. Whether or not you end up paying tax on that income is irrelevant – the income itself must be reported. Not reporting is a crime.
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OVDI and USA Tax Return for US Citizens Living in Vancouver, Canada
CALL US NOW!!
US citizens living in USA and Abroad who have not reported their foreign bank and investment accounts and interest in foreign business holdings, real estate properties have until August 31st, 2011 to voluntarily report that information to IRS for reduced fines and penalties.
We are overwhelmed from inquiries of US citizens living in Vancouver, Canada. To enjoy the privilege of having a USA citizenship, US citizens must report their worldwide income to IRS every where regardless of where they lived in the tax year.
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Offshore Voluntary Disclosure Initiative – You’re confessing to IRS that you are a Tax Criminal
OVDI Investigator
We have been writing about this on our blog for several years. Globe and Mail and the National Post have been reporting about US Citizens living in Canada and their Tax obligation to USA quite frequently.
OVDI is not a new initiative. Every few years, IRS has some kind of incentive for US citizens to report their unreported income. Canada has a similar program for Canadians who are trying to hide income in offshore accounts.
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Vancouver’s Biggest Ever Networking BBQ Party
Tax Deductible Biz Exp
Things that went very well.
• Every one showed up with a very upbeat mood.
• Got in touch with many old acquaintances and met many new entrepreneurs.
• Amazing hospitality and acknowledging the difficulties by the event host.
• Free Coat Check
Things that could go very well.
• Waiting line at the entrance at the ground floor. Someone from the host group should have been outside, informing guests about the long wait to get into the venue.
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US Citizens In Canada Must File US Tax Returns
Emptying the Tax Payer
The US tax law determines that all individuals holding US citizenship are required to file annual income tax returns with the Internal Revenue Service (IRS). In addition, Canadian financial institutions are required to report to the IRS all accounts held by US citizens in 2013. The reason being, US wants to get the maximum tax it can collect from its citizens.
If you are a US citizen or green card holder, you must report your worldwide income to IRS or risk heavy penalties, it does not matter if you live in the USA or not.
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