The IRS has recently released a fact sheet (FS 2011-13, December 2011) to address a number of issues of concern to US citizens or dual citizens who reside outside of the US. The fact sheet is not specific to Canadian residents who are US citizens, but appears to encourage those who were not aware of their obligation to file US tax returns and other reporting to do so. The issues revolve around the failure to make certain required filings—specifically, federal income tax returns and Reports of Foreign Bank and Financial Accounts (FBARs). The fact sheet also addresses the potential penalties for “failure to file” and “failure to pay” and provides a number of illustrative examples.
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