Streamlined Disclosure v. IRS Relief Procedures for Certain Citizens? Which is better?

Streamlined Disclosure v. IRS Relief Procedures for Certain Citizens? Which is better?

Previous Videos: 2019 Streamlined Disclosure Updates: https://youtu.be/s_QxqiNZHTk The 2019 Relief Procedures for Certain Former Citizens: https://youtu.be/aZW508BNZWk What is a Covered Expat?: https://youtu.be/-8BUfwCcK6o In this video we discuss tow hyptheticals that can help you understand if either the Streamlined Disclosure program or the new IRS Relief Procedures for Certain Citizens are programs you may wish to consider. In hypothetical one Pierre woke up to learn that his bank account in France is going to be frozen - he was identified as US person. In fast Pierre was born in New York when his parents attended Columbia University. But he’s never been back to the US since he was 2 years old. His French is perfect ,but his English - not so much. Pierre lives a modest life and just wants this IRS FACTA issue to go away. He qualified for the Streamlined disclosure program and if he uses it, he will have no penalties and instead of owing taxes - his two children are earning him a tax credit of now $2000 per child - $4000 refund. So what should he do? Streamlined or Relief Procedures? Will he get the refund? Hypothetical two: Kyle does speak English well. He left the US in 1999 when he was 18 and now runs a few successful businesses overseas. He believes he filed returns in high school, but isn’t sure. His net worth is hard to calculate. He think he can sell his businesses, if the right buyers comes along for $10,000,000. Yet - on paper he isn’t really sure what is is worth. He make around $400,00 USD annually but has lost the same amount in other years. if you added up all his income from all his various business interests around the globe. He really has no intention returning to the US aside from visiting his family. He isn’t sure if he would owe any tax to the US - he is taxed heavily where he lives and believes the foreign tax credits should negate any tax liability. He is married and his wife sees no point to being a US person. And wonders why he’s hasn’t renounced yet? For help follow the link to https://ift.tt/1RfwK1f Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com https://youtu.be/Pz3OHREqcAA IRS Medic