PENALTIES FOR NOT FILING US TAX HONG KONG
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Failure to File Failed to file taxes while living abroad can send a negative
impression to the IRS. Why? Because it is considered as a criminal behavior which imposes a serious penalty over the taxpayer’s shoulders. The penalties and fines for not filing taxes depend on a lot of factors. It can range from 5% of unpaid taxes and escalate up to 25% and imprisonment can also be considered (If IRS investigates and determines that you’re involved in offshore money laundering and tax evasion). Additionally, the minimum penalty for filing more than 60 days past the filing or extension date is 100% of the unpaid amount or $135 (whichever is smaller). Visit us:- http://www.htj.tax/
Failure to Pay This is the case occur when you file your tax return on
time but actually fail to pay it, the penalty you will face is failure-to-pay. The IRS imposes a ½ percent penalty every month for the amount remains unpaid, up to 25% of your total tax owing. In any month that both the failure-to-file and failure-topay penalties apply, the failure-to-file penalty will be lessened by the amount of the failure-to-pay penalty. Also, the IRS is capable of mercy. You will not have to pay either penalty if you can prove just cause for the delay. Visit us:- http://www.htj.tax/
Failure To FBAR filing There are many US expats who are not aware that they are
supposed to file the FBAR (stands for “Foreign Bank Account Report”). In this case, US residents living abroad and have the ownership or control of foreign accounts which exceeds the year aggregate value: FBAR filing is required. The penalty for willfully not filing the FBAR can be up to the greater of $100,000 or 50% of the total balance of the foreign accounts In order to avoid being regarded as a tax defaulter, it is considered wise decision to have US tax advisory Hong Kong, which makes it easy for you to file so you’ll never have to worry about ‘tax-related’ job while living abroad. If you are not filing your tax or fail to file or pay, it’s not too late to correct it! Visit us:- http://www.htj.tax/
Contact us Address:-
1103-5 Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong Postal code: 518023 HK: +852 8172 1040