A US citizen residing permanently in Europe received a notice from the IRS regarding the failure to file tax returns. The Streamlined Foreign Offshore Procedures were applied. Forms 1040 and FBAR were filed for the relevant periods. The Foreign Earned Income Exclusion was utilised. Outcome: no late filing penalties were imposed, and the tax liability was reduced to zero.
How proactive Mark-to-Market planning and compliance remediation replaced punitive default treatment and closed an open-ended audit window.
<p>Getting RRSP reporting and treaty treatment right from a Canadian retiree's first year of US tax residency.</p>
<p>Bringing years of unfiled returns current so a client could renounce US citizenship without triggering the exit tax.</p>
<p>Treaty-based structuring that let a Canadian small business expand into the US without triggering double taxation.</p>
<p>Calculating and electing into an installment plan for a one-time Section 965 transition tax liability.</p>
<p>Untangling jock-tax state filings and cross-border credits for a professional hockey player's multi-jurisdiction season.</p>
<p>Securing IRS approval of an ITIN so a cross-border couple could file jointly, without mailing original passports to the IRS.</p>