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U.S. Announced Revised Tax Amnesty Program

June 23, 2014 By Cardinal Point Wealth

This article from Investment Executive discusses more lenient revisions to the IRS tax amnesty program, and Cardinal Point’s Terry Ritchie comments on the benefits for Americans living in Canada. The changes are designed to encourage expats to fulfill their tax filing obligations in the U.S. Revisions to the existing amnesty program include the elimination of both the $1,500 annual maximum for owed taxes and the risk questionnaire. In addition, taxpayers will be required to certify that their previous failure to comply was non-willful.

According to Ritchie, “The IRS has now recognized that the previous programs really did not fit the traditional American in Canada client who most advisors work with.” While tax agencies in general are never pleasant to deal with, Ritchie sees these changes as a welcome relief to Americans living in Canada and their tax professionals. The changes will take effect July 1, the same day that the U.S. Foreign Account Tax Compliance Act (FATCA) is launched. Ritchie adds, “With the full implementation of FATCA at the beginning of next month, Americans in Canada would be finding it more difficult to hide from the IRS.” Read the full article here.

Filed Under: Americans Living in Canada, Articles, Cross-border Tax Planning Tagged With: Americans living in Canada, Cross-border tax planning, FBAR, IRS tax amnesty program, Offshore Voluntary Disclosure Program

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"Cardinal Point" is the brand under which the dedicated professionals within the independent Cardinal Point Group of Companies collaborate to provide financial and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point comprises two legally separate companies: Cardinal Point Wealth Management Partners, LLC, a U.S. registered investment advisor and Cardinal Point Capital Management ULC is a U.S. registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where the independent Cardinal Point firms and its representatives are properly registered or exempt from registration. Each firm enters into client engagements independently. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.