It is very important that US citizen or green card holder in Jamaica understand that there are tax responsibilities of being a US citizen or green card holder.
The most important point is that even if you do not have any income, investments or properties in the US, you are required to file a US Tax return and declare your world income.If you don't file, there could be severe penalties and even criminal charges.
The most important point is that even if you do not have any income, investments or properties in the US, you are required to file a US Tax return and declare your world income.If you don't file, there could be severe penalties and even criminal charges.
A second important point is do you have investments in Jamaica or any foreign country valued over $10,000? If so, you are required to file FBAR for reporting these investments. This is a very important reporting requirement. If not filed, there can be significant penalties of up to $10,000 each year not filed. There could be criminal charges as well.
A third important point is if you are a shareholder of a foreign corporation, you are also subject to additional filing requirements. A completion of Form 5471 is required. This is a complicated form and professional advice for the completion is recommended.
In conclusion, we want to emphasize that IRS has become very aggressive in pursuing non filers of US Tax returns and reporting requirements. Now is the perfect time to get up to date with your filing requirements because as IRS has reintroduced the Offshore Voluntary Disclosure Initiative. This allows individuals to significantly reduce penalties.
We are currently working with numerous people in a similar situation and would be pleased to assist you. Call us at 1876-9265210/1876-9292518. You can also email us at info@crowehorwath.com.jm. We look forward to hearing from you.
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
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