IRS to Announce Amnesty for Non-Compliant US Citizens Living in Canada
Summary: An IRS spokesman recently indicated that the IRS intends to announce an amnesty whereby certain Americans living in Canada who have inadvertently failed to file US tax returns and comply with other US reporting rules will be able to come forward in exchange for a waiver of potentially severe penalties. According to US Ambassador to Canada David Jacobson, details of the prospective amnesty are expected within a couple of weeks. This announcement comes as welcome relief to the many non-compliant US taxpayers in Canada who otherwise might have faced draconian penalties. “It is a victory for Canadians and a testament to our positive working relationship with our American neighbours,” Canadian Finance Minister Jim Flaherty was quoted as saying.