Tuesdays with Morey - Tax Tips Blog
Tax Tips for Expats
Episode 1 - Listen to the Episode
The most important message to be conveyed throughout this blog and podcast series is that Planning is essential. Planning can potentially: reduce your taxes, help avoid penalties and protect your assets. Unfortunately, it is a never-ending affair. The tax laws are constantly changing, becoming more intricate and complicated every year, which makes tax planning all the more vital. For example, did you know that the IRS can now take your passport away for failing to file your taxes? If you have a seriously delinquent tax debt the IRS now has the power to deny you a new passport or a renewal. They can even rescind your existing passport if your tax debt is in excess of $50,000.
The IRS is willing to work with you though. One example is the Offshore Voluntary Disclosure Program (OVDP). The IRS is offering taxpayers with undisclosed income from offshore accounts an opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous programs, but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution. The government has already collect 8-10 billion dollars with this program. If this applies to you the time to get compliant is now. The IRS will be ending this program very soon which means they will soon be coming after you seeking much higher penalties and potentially criminal prosecution.
It might seem obvious to say, but with proper Planning you won’t have to worry about any of this. With proper Tax Planning and Asset Protection in place you can start looking towards your future with confidence. Unlike most financial firms, Glazer Financial Network custom tailors a Plan that is focused on your situation and your needs. That’s what we’ve been doing for well over 50 years. Give us a call today to start Planning your future.
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