The Resource Unsettled future for U.S. taxpayers residing overseas : mixed messages from IRS Commissioner vs. Ambassador - part 1

Unsettled future for U.S. taxpayers residing overseas : mixed messages from IRS Commissioner vs. Ambassador - part 1

Label
Unsettled future for U.S. taxpayers residing overseas : mixed messages from IRS Commissioner vs. Ambassador - part 1
Title
Unsettled future for U.S. taxpayers residing overseas : mixed messages from IRS Commissioner vs. Ambassador - part 1
Creator
Subject
Language
eng
Summary
U.S. citizens (particularly those abroad) with international business and transactions are under increased pressure attempting to understand how and when the federal tax laws apply to their operations. The IRS announced on 8 February 2011 a specific program for U.S. individual taxpayers who had unreported foreign accounts and other foreign assets that were not previously reported and/or taxed, the 2011 Offshore Voluntary Disclosure Initiative (OVDI). This article discusses successively: mixed messages from IRS Commissioner Shulman versus U.S. Ambassador to Canada Jacobson; IRS enforcement, tightening the net; Penalty framework: who should file U.S. returns? Not so simple; Potential criminal penalty - when no tax is owed; How many U.S. citizens and lawful permanent residents (LPRs) are residing overseas?; Taxation of U.S. citizens and lawful permanent residents residing overseas?; Tax evaders or not?; Various potential criminal liability claims; What is tax evasion?; Why the IRS recently acknowledged the predicament of U.S. citizens residing overseas; Who was affected? What was the latest IRS 2011 OVDI not about?; What were the latest IRS 2011 OVDI basic terms? The article ends with several conclusions that can be made that should help U.S. citizens and LPRs residing predominantly overseas make decisions about their obligations under the US tax law
Citation source
In: International tax journal. - Chicago. - Vol. 38 (2012), no. 1 (January-February) ; p. 25-34, 48
http://library.link/vocab/creatorName
Martin, P.W
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • foreign source income
  • voluntary disclosure
  • enforcement
  • tax evasion
  • penalties
Label
Unsettled future for U.S. taxpayers residing overseas : mixed messages from IRS Commissioner vs. Ambassador - part 1
Instantiates
Publication
Label
Unsettled future for U.S. taxpayers residing overseas : mixed messages from IRS Commissioner vs. Ambassador - part 1
Publication

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