IRS hands over bank account info

Calling all US Citizens and Green Card Holders in Australia

The Australian Taxation Office (ATO) has carried out it's first ever automatic sharing of bank information with the United States Internal Revenue Service (IRS).

Details of over 30,000 financial accounts worth over AUD$5 billion (USD$3.6B) are being provided to the US under the new powers of the US Foreign Account Tax Compliance Act (FATCA). Both Australia and the UK have agreements in place with the IRS to share bank account information on individuals in either country.

The information provided on US citizens and Green Card Holders with Australian bank accounts is the first step in a wave of transparency measures being implemented globally by Governments and tax administrations. Beginning in 2017, close to 100 countries will be sharing non-resident data under the OECD Common Reporting Standard (CRS).

At the moment we are in an IRS amnesty period, even if you haven't filed with the IRS in many years you can use the Streamline Procedure to become fully compliant and avoid the heavy penalties. Under the Streamline Procedure you simply file taxes for the past 3 years and 6 years of FBAR. (Foreign Bank Account Report) All you have to pay is the tax owning and a low rate of interest which is currently 3%.

ACT NOW! The IRS can withdraw the amnesty period at anytime so catch up while you can, risk free!

Leo V. Zimny | 25yrs US Expat Tax Experience | Book a free consultation today

Watch this video to learn about Streamline Filing Procedure

 

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