Scott Michel Quoted in Financial Post, IRS Strikes a Conciliatory Tone Toward Canadians
Excerpt taken from article.
Compliance with IRS financial disclosure rules intended to nab U.S. tax evaders in Canada is proving complicated because of the large number of dual U.S and Canadian citizens, tax lawyers on both sides of the border say.
Dual citizens must file annual U.S. tax returns and complete a separate yearly IRS filing if they have Canadian or other non-U.S. financial accounts of more than $10,000, under Internal Revenue Service rules.
But many dual citizens are unaware of a U.S. filing obligation, though the rules have been on the books for years, tax attorney Scott Michel, president of Washington-based Caplin & Drysdale Chartered, told Bloomberg in an email.
Click here to read more about the IRS crackdown on U.S. taxpayers with undeclared offshore accounts.