The United States taxes its citizens and residents on their “worldwide income.” This means that no matter where your income is earned, if you are a US person for tax purposes, you have a requirement to file a US tax return every single year.
Many people are unaware of this requirement. They mistakenly believe that if they did not earn any income in the US, they do not have to file a tax return. Some go years or even decades without filing, unwittingly causing significant issues related to unfiled tax returns.
If you have foreign assets and income and have not filed all required US tax returns, do not attempt to correct the issue on your own by simply “quietly” filing the past due returns. This could open you up to significant civil – or even criminal – penalties. You will need to work with an experienced tax professional that can assess your situation and assist you in resolving it through available methods.
Our firm specializes in helping US taxpayers resolve issues related to unfiled tax returns, particularly as it relates to foreign income and asset omissions. Contact our firm today to discuss your Offshore Disclosure issues and how we can assist you.