Voluntary disclosure options for US taxpayers with Australian assets
Source: The Tax Specialist Journal Article
Published Date: 1 Mar 2017
Globalisation, multinational corporations and an increasingly mobile workforce have exposed a need for global tax transparency. Those who have had to deal with the United States tax system may be aware that this sentiment holds strongest with the US. The US foreign tax reporting laws carry severe civil and criminal penalties for non-compliance, imposing hefty fines even where a taxpayer has acted unwittingly. With the number of US taxpayers living in Australia and Australians moving to the US or establishing a US presence, the need to remain internationally tax compliant is becoming more critical. This article will explore the US foreign reporting framework against the OECD's Common Reporting Standard, the Foreign Account Tax Compliance Act (US), the Internal Revenue Service's tax amnesty programs and the Offshore Voluntary Disclosure Program. This article also outlines what options are available to taxpayers who are in non-compliance, either wilfully or non-wilfully.
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Details
- Published By: Peter Harper, Jurate Gulbinas, Aman Mullee
- Published On:1 Mar 2017
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