Clock is Ticking on “Get out of Jail Free Card”

For taxpayers living and working abroad, it can be quite complicated trying to determine how to file taxes in not one but two tax jurisdictions. The penalties for failing to comply in the U.S. are astronomical. But the clock is ticking on ticking on getting into compliance. Not only does the IRS have additional funding and has recently hired 4,000 more agents but we have a new IRS commissioner. What does that mean for the existing amnesty programs for taxpayers who have either failed to report some of their foreign income or foreign assets? The clock is ticking…