New Procedures for Certain Expatriates to Come into Tax Compliance

 
New IRS procedures enable certain individuals who relinquished their U.S. citizenship to come into compliance with their U.S. tax and filing obligations and receive relief for back taxes. These “Relief Procedures for Certain Former Citizens" apply only to individuals who have not filed U.S. tax returns as U.S. citizens or residents, owe a limited amount of back taxes to the United States and have net assets of less than $2 million. The IRS offers these procedures without a specific termination date and will announce a closing date prior to ending the procedures. Individuals who relinquished their U.S. citizenship any time after March 18, 2010 are eligible so long as they satisfy the other criteria of the procedures.