The United States is one of the few countries that requires its citizens to file tax returns even if they are living and working abroad. Yet many expat Americans don't realize that the rules of the IRS extend past the borders of the United States and that failure to comply with tax laws can result in heavy fines and criminal charges. Recognizing that many Americans may inadvertently not be in compliance with U.S. tax laws, the IRS introduced the Offshore Voluntary Disclosure Program (OVDP) in 2009 to entice U.S. citizens to report their foreign income and assets.
Read more...