Despite its effort to crackdown on tax evaders, the IRS “appears to be softening its stance” when it comes to the tax bills of Americans living outside of the U.S., reports The Globe and Mail.
It adds the IRS has promised to “overhaul its voluntary disclosure, or amnesty, program, [with] new commissioner John Koskinen…acknowledge[ing] in a speech last week that the agency has been fixated on tax cheats, with too little regard for ‘non-willful’ victims of its crackdown.”
Read more on how the program’s expected to change.
For more on cross-border taxes, read:
Client caught in cross-border trap
77 foreign institutions to comply with FATCA
Canada’s FATCA legislation could irk Uncle Sam
U.S. to lose $3 billion in revenue
How to deal with cross-border estate