Cross posted from RenounceUScitizenship. I intend to update this in the next few days based on comments. Looking forward to your thoughts.
Interesting comment on “low compliance risk” and U.S. citizens abroad #OVDI #FBAR #FATCA federaltaxcrimes.blogspot.ca/2012/06/irs-an… Shows risk of June 26 IRS ann
— U.S. Citizen Abroad (@USCitizenAbroad) June 30, 2012
Whatever this means was announced on June 26, 2012 under the title of New Filing Compliance Procedures for Non-Resident U.S. Taxpayers. Those interested in this topic should check back frequently for more specifics. The specifics should be available no later than September 1, 2012. I am certain that the “cross border professionals” will say that this is “nothing new”. After all the statute of limitations for FBARs is six years. This is a message from the IRS and therefore it needs to be read carefully. It also needs to be read in the context of:
1. OVDI – You are all criminals
2. The December 2011 FS – well maybe “reasonable cause” does really exist
3. Voluntary disclosure in general – always been there anway
You can be sure that the IRS chooses its words carefully. Therefore, we must read the words of the IRS carefully.
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