HERE comes the good news for thousands of
Americans living in Canada and offshore. The IRS has announced the much-delayed
Amnesty Scheme for those who have not filed their tax returns for years.
The IRS has stated that it would grant waiver from huge penalties for certain
'low compliance risk' taxpayers who are keen to come out clean. IRS treats
a taxpayer as low-risk if their return is simple and they owe USD 1500
a year in taxes.
It
is reported that there are about a million Americans in Canada. The new scheme
will come into force from September 1, 2012. While talking about the scheme
the IRS Chief Doug Shulman said that the special amnesty is a common sense
way for people to get current with their tax obligations and resolve pension
issues.
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