Monday, January 23, 2012

US Watchdog Blasts IRS Over Expats

No time for a blog post today, so read this interesting news story about a federal watchdog slamming the IRS for alienating expats with FATCA and other laws. If you're unfamiliar with the IRS's undeclared war on expats, you can read some of my past posts regarding FATCA.

Or if you're familiar with OVDI, the Offshore Volunteer Disclosure Initiative, you might think it's a good time to catch up on past taxes you didn't know about. Except then the bill hits you. If you've lived abroad and didn't know you still had to pay taxes to the US, you could be facing $8,000 to $16,000 just to file your back taxes, and that's just the tax preparation cost, not the cost of potential taxes or fines that the IRS might levy against you.