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Requirements for Participating in the Offshore Voluntary Disclosure Program (streamlined procedure)
US citizens in foreign countries have until June 15, 2015 to file their federal tax returns with the IRS. (If you reside in the US and missed the deadline, you’ll need to catch up on any filing and paying back taxes as soon as possible.) With...What to Do if You Missed the 2015 Tax Deadline
The 2015 tax deadline of April 15 has come and gone. If you didn’t file on time, you don’t need to panic — but you do need to take certain steps with the IRS to fix the situation. Unless you act promptly, you could wind up paying...Do US Citizens Living Abroad Need to File Taxes?
It’s common knowledge that US citizens who meet IRS thresholds are required to file an income tax return. But what about US citizens and residents abroad? If you’re a US citizen living in a foreign country, are you still required to file...Do You Qualify for a Foreign Tax Credit?
In contrast to tax deductions, which lower the amount of taxable income you have, tax credits are subtracted from your overall tax liability. For example, a common US tax credit is the child tax credit, which permits taxpayers to claim a credit of up to $1,000...What Should I Do if I Owe Back Taxes?
Too many people make the mistake of assuming that the IRS will eventually “forget” about their old tax debts. On the contrary, the IRS has a full decade to collect overdue payments — and the longer your taxes go unpaid, the greater the...