IRS Announces New Procedures For Small Taxpayers That Have Or Will Renounce US Citizenship

IRS Announces New Procedures For Small Taxpayers That Have Or Will Renounce US Citizenship
Photo Credit: Brown Monkey by Oleksandr Pidvalnyi is licensed under Oleksandr Pidvalnyi Pexels
In a News Release dated 9/6/19, the IRS announced it will give limited relief, in the form of forgiveness of US taxes and avoidance of penalties and interest, in highly circumscribed circumstances.

This is for individuals who have not filed US taxes, who owe a total of no more than $25,000 over the recent 6 years and who have net assets of less than $2 million.

Importantly, these taxpayers’ noncompliance must be non-willful.  They must not have known about their obligations and deliberately failed to pay taxes.

Also, quite importantly, they still must prepare and file 6 years of complete tax returns.

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