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ResourcesCorporate and Tax AdvisoryUS Tax LawNow Is the Time to Rectify One's Back Taxes

Now Is the Time to Rectify One's Back Taxes

Transcript of the above video:

As the title of this video suggests, we are discussing US taxes and we are specifically discussing the question that sometimes pops up amongst clients and even friends of mine:  “When is a good time to get my tax stuff in order?" My response is generally "immediately!" 

If you have issues involving back taxes you need to get on this stuff as soon as possible and frankly keeping timely and keeping current with one's tax filings is also a very, very good idea because obviously doing so precludes the possibility of having to pay penalties on back taxes. It precludes the possibility of having other certain types of legal liability with respect to one's taxes if one just gets their stuff done in a timely manner. 

The reason I made this video is I would like it to be noted that this is a really good time, if you are an expat especially and have tax issues, to get one's house in order if you will because getting it sorted out now is 1) it is a good idea if you have these issues to get it done immediately but also we just had a pretty fundamental change to the tax infrastructure, I should say the legal infrastructure of the tax system of the United States. The IRS, right now, to be clear, the Internal Revenue Service, frankly, from a budgetary perspective, is not in the best place they have ever been. There also current programs still available for those who have back tax issues to get their situation in order and to deal with it with the least amount of penalties and legal liabilities as possible including criminal liability. So it really is kind of an opportune time to go ahead and get this sorted out because I think sometime in the future, IRS is not going to be having the budgetary issues that it currently has. The system will become more acclimated to the new legal system that undergirds the tax system of the United States and it is possible that we could see certain of these programs that are currently in effect being phased out; we have certainly seen that happen here recently in the past. 

So the thing to take away from this video is, if you have tax issues and you are watching this video and asking yourself "when should I get this sorted out?", the answer to that question is "as soon as possible, and frankly it is a pretty good time right now to get it done.