2012 Offshore Voluntary Disclosure Initiative Announced by IRS

If you have to file US tax returns, doing nothing is no longer an option. You have to file a US Tax Return, if you are,

1. A USA Citizen
2. A Dual USA Citizen Living Abroad
3. A USA Resident
4. A USA Green Card Holder Living Abroad

United States Internal Revenue Service (IRS) has been aggressively pursuing US persons (including US citizens and green-card holders living abroad) who have failed to report foreign income on their US income-tax returns and/or failed to report foreign bank and investment accounts on a Foreign Bank Account Report (FBAR). A US Person, must file income tax return with IRS, regardless of their residency.

IRS implemented amnesty programs since 2009 for US citizens to come forward with their foreign income reporting. More than 30,000 people have voluntarily complied since 2009, at least 30 have been criminally indicted and the IRS has netted a total of $4.4 billion in unpaid taxes, interest and penalties.

The State Department estimates that more than 6 million citizens live overseas, excluding those in the military, yet the IRS receives only 1.6 million tax returns each year with foreign addresses. And just over 500,000 FBARs were filed in 2009.

On January 9, 2012 the IRS announced a third amnesty, formally known as the Offshore Voluntary Disclosure Program. It is substantially the same as the 2011 amnesty (aka 2011 OVDI), with some exceptions:
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How Would You Like To Pay Tax Like A USA Corporation

A major study of USA corporations published today, proved again that even though USA has a high 35% corporate income tax rate, none of the biggest corporations in the world, operating in USA pay taxes at that rate.

These are companies listed on the top of Fortune 500 rankings and admired by professionals, investors and consumers all over the world. Their net profits are in billions of dollars, huge cash stashed in offshore accounts, and they are being subsidized by tax rebates from the USA Federal government.

The study of 280 fortune 500 companies identified,

• They have received about $223 billion in tax subsidies.
• Financial service companies (Banks) received the largest share of subsidy (17% or $37bn).
• Over the last three years 2008-2010, 50% of the tax subsidy was awarded to financial services, utilities, telecoms and oil, gas pipelines. more »

IRS Calling! US Citizens in Canada File Your Tax Return

Call Us NOW, Before IRS Calls You! or You might face hefty penalties or even prison time.

The USA tax collector Internal Revenue Service (IRS) has stepped up their search for U.S. citizens living outside of the country and not filing their returns.

Thousands of “lost” U.S. citizens living in Canada are getting the call from the IRS.

Here are some tips on how to get caught up:

*Dual citizens: Even if you moved to Canada and became a citizen or resident, unless you go through the formal process of renouncing your U.S. citizenship, you are considered a dual citizen. The IRS still expects you to file your annual income tax return form 1040.
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USA Tax Filing Amnesty Deadline Extended for Non-Filers

Due to the potential impact of Hurricane Irene, the IRS has extended the due date for USA Tax Filing Amnesty offshore voluntary disclosure initiative (OVDI) requests until Sept. 9, 2011. For those taxpayers who have not yet submitted their request and any documents, they must take action by Sept. 9, 2011.

The previous deadline was August 31st, 2011.
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taxsuppport.ca in B.C. Film Maker Directory

Vancouver in the movie making community is also known as Hollywood North.

The B.C. HST is a direct financial incentive for the Hollywood movie making industry to come to B.C. for on location filming. Many TV series and Feature film are being shoot in B.C.

B.C. film industry is supported by a host of companies, providing every kind of support services from snow making to pyro technique works.

A comprehensive listing of these specialized support service companies are indexed and published twice a year by Surrey based print publication company Western Filmmaker.

At Five Star Financial Services, we are pleased to announce our inclusion in the Western Filmmaker Fall 2010 directory as an Accounting and Tax service provider of B.C. film industry.

We are IRS authorized U.S.A. income tax service provider and U.S. Quickbooks Advisor. We are among a group of select companies in B.C. that can provide comprehensive and full cycle accounting and tax service for both the U.S.A and Canada.