Income Tax: US Tax
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USA Tax Filing Amnesty Deadline Extended for Non-Filers
Due to the potential impact of Hurricane Irene, the IRS has extended the due date for USA Tax Filing Amnesty offshore voluntary disclosure initiative (OVDI) requests until Sept. 9, 2011. For those taxpayers who have not yet submitted their request and any documents, they must take action by Sept. 9, 2011.
The previous deadline was August 31st, 2011.
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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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Income Tax
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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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Income Tax
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Comments Off on Offshore Voluntary Disclosure Initiative – You’re confessing to IRS that you are a Tax Criminal
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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