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US Non-Filers and FATCA

Are you a US person who has not filed a US tax return?

The recently signed Foreign Account Tax Compliance Act (FATCA) agreement between Canada and the US will require Canadian financial institutions to report accounts held by US persons to the US Internal Revenue Service. US persons identified by the IRS who have not filed US tax returns may have a significant exposure to tax, interest and, especially penalties. In contrast, most US persons who voluntarily file US tax returns are unlikely to be assessed any penalties and generally have little or no tax due. This seminar will identify strategies to avoid adverse US tax results including filing alternatives, revocation of US citizenship and other relevant tax topics.

FATCA Filers