Anecdotal evidence suggests that the majority of Americans Abroad and Green Card holders are not in compliance with their tax and FBAR filings. Much has been written on this in the last year. Of particular interest are a series of posts written by former IRS attorney Steven J. Mopsick.
In order the posts are:
Compliance Dilemma For Americans Abroad With No Tax Liability To The United States – May 21/12
Tax Justice for Americans Abroad – July 16/12
Tax Justice II: No FBAR Penalties For Otherwise Compliant Recent Immigrants To The United States – August 2/12
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A bit of irony…when I view this page, there is an bright orange ad from ING Direct, just under the list of posts. The ad says Treat TSFA’s with great rates, no fees and no minimums.
Of course there is no disclaimer stating that TSFA’s are a no go for many Canadians who were born in the US.
The irony made me smile.
Steve Mopsick is a compliance tax lawyer who has no credibility with me.
Unfortunately I had to experience it myself by being a former client.
“You can take a man out of the IRS but not the IRS out of the man”