Don Joffe of International Accounting Services, LLC will be presenting at the Boquete Community Players (BCP) on Tuesday, July 28 at 10:30AM on U.S. tax compliance and planning for expats living in Panama.
Many expats continue to have filing and reporting obligations, even if they no longer owe any tax to the IRS. Common situations include:
- Foreign bank accounts
- Ownership of foreign corporations or trusts
- Income from wages or a business earned outside the United States
Penalties for failure to comply with all filing and reporting obligations can exceed $10,000 per year, even if no income tax is otherwise owed.
The presentation will cover the current compliance landscape, what people need to do in order to comply, and the myriad different IRS programs currently available to help non-compliant expats to get back in good standing with the IRS.
Don will also be available for the rest of the week for free one-on-one consultations to answer any tax questions you may have about your personal income tax situation. He can be reached at don@intlaccounting.com or 6902-1202.
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