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I moved to Canada in 2001 from the US (US citizen and Canadian permanent resident) and although I filed US tax returns for the first few years of living in Canada (foreign earned income exclusion and 1040 ez) I stopped filing in 2003. I know recognize that I should have been filing US tax returns all along and I need to get caught up before the US finds 0ut that I need to file.
I’m not planning on renouncing my US citizenship as I travel to the US frequently to visit family and travel.
What are my options for catching up on my US tax returns?
Regards
XXXXXX
Hi XXXXXX
Now is still a great time to catch up on late US tax returns. The IRS is allowing delinquent US tax filers to file past due returns under the new Streamlined tax filing program, assuming you can meet the program’s specific eligibility requirements.
Generally speaking you’ll be eligible for the streamlined tax filing program if you meet the 3 following tests:
Other “high risk” factors may also preclude you from the streamlined tax filing program, however this may simply mean that the returns may be reviewed more heavily than qualified streamlined tax filing packages.
Assuming you quality for the program, you’ll be required to filed the following returns:
Note however that this program will most likely not be around forever and considering the new FATCA rules that will be implemented mid 2014 it’s advisable that you take advantage of this program as soon as possible before it’s gone forever. Other programs like the 2010 and 2012 OVDI program are definitely not as reasonable to administer and file on behalf of US tax payers.
Hope that helps and please don’t hesitate to give me a call at 250-381-2400 if you want to discuss your filing requirements further.
Regards
Phil
The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.
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