The IRS might know what is in your non-US bank accounts. What can you do about it?

Oct 21, 2015

In a sign of the United States again thinking it can apply its laws in foreign countries, the IRS passed the FATCA law. This law is effective since ‎March 18, 2010.

The threat to US persons living in Canada grew as the Canadian government signed an Inter-Governmental Agreement to allow Canadian banks to share their customers’ information to the US via the intermediary of the CRA.

The IRS would then know everything needed to assess penalties and contact the taxpayer. It could even levy cash from a bank account.

But there’s plenty of hope – if you get into compliance before the IRS contacts you, you could avoid all penalties.

The IRS has several programs allowing those who come ahead to get into compliance. The most advantageous being the Streamlined Foreign Offshore procedures, under which all penalties are dismissed.

I have prepared over 20 such packages in 2015 alone. The regular package includes the past 3 years of tax return (and 6 years of bank account information) but I have also prepared packages including 5 years of tax returns in the context of people surrendering US citizenship.

Don’t take my word for it – what customers are saying:

Mr. Wagner has prepared for us some very complicated forms required by the IRS. He is prompt, efficient, extremely knowledgeable, and a pleasure to deal with. I would highly recommend him to anyone requiring an experienced and professional tax preparer.

M.Ginsburg, University professor

Olivier is very professional and always on time with our taxes.

Ahmady, Military Contractor

Mr. Wagner was very professional, knowledgeable and extremely easy to work with. He has helped me resolve an extremely stressful situation and I am sincerely grateful for his hard work. Merci !

Fitzpatrick, Software Developer

Efficient and professional

Ryan, Project Manager

1040 Abroad was very quick to respond to all of my emails. Olivier answered all my questions—this is my first year living overseas and dealing with my US taxes from afar, so I am especially grateful for the fast turnaround. Thank you!

Mueller, Professor
U.S. Taxes For American Expats E-book

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1. Foreign Tax Credit vs. Foreign Earned Income Exclusion

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