Eligibility Requirements
- You have renounced/relinquished your U.S. citizenship after March 18, 2010.
- You have no filing history as a U.S. citizen or resident;
- Your average tax liability did not exceed the threshold, for the period of 5 tax years ending before your date of expatriation adjusted for inflation; ($168000 for 2019)
- You have net worth of less than $2,000,000 at the time of renouncing/relinquishing your citizenship;
- Your aggregate total tax liability is $25,000 or less for the five tax years preceding renunciation/relinquishment and in the year of expatriation (after application of all applicable deductions, exclusions, exemptions and credits, including foreign tax credits, but excluding US expatriation tax and any penalties and interest).
- You agree to complete and submit with your submission all required Federal tax returns for the six tax years at issue, including all required schedules and information returns.
- Your non filing and non payment is non-willfull.
About
On September 2019, IRS announced new procedures for certain individuals who have relinquished or intend to relinquish their US citizenship and who wish to be in compliance with their US taxes. These new procedure are called “Relief Procedures for Certain Former Citizens”. The procedure as of this writing does not have any end date.
If you are eligible for this procedures you will not be assessed penalties and the eligible individual will not pay any taxes assessed for the prior 5 years and the sixth year of expatriation.
Filing of the FBAR is not a requirement for the procedure, however, the IRS has indicated the individual “should” file FBARs if they meet the filing threshold.
.Returns submitted under these procedures will not be automatically selected for examination, however, they may be selected under normal IRS audit selection method.
What next?
- Contact Us
- Get your information ready
- Send in your information
- You get a quote for the work needed.
- We begin your work tax prep.
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