Divide this text into sentences and correct mistakes: Welcome earlier this year. We did a four-part series on the tax obligations of US persons abroad. It was a four-part series that focused on the income tax obligations of US persons abroad, the F bar estate and gift taxes, and finally how to get into compliance in the event that you've been non-compliant. Well, in June of this year, 2014, the IRS made substantial changes to how to get back into compliance in the event that you have not been compliant. So, we're redoing the fourth part of that series to cover these new IRS rules and give you information on how to get back into compliance in the event you haven't been. If you have questions about the income tax, the F bar, or estate and gift taxes, I'd recommend watching the first three parts of our series that can be found on our YouTube channel where you found this presentation. I give speeches all over the world to groups of Americans and try to educate them on this topic of what their tax obligations are. Inevitably, I always get asked the question: "Oh my god, what do I do? I haven't been filing my taxes, I haven't done my F bar, I haven't reported my foreign entities, what do I do? Am I gonna have to pay a penalty? Am I gonna go to jail? And how is the US even going to find out that I have these foreign assets?" Well, the information the IRS will get through FATCA (the Foreign Account Tax Compliance Act). So, this legislation passed in 2010, requires foreign banks to turn over account information on US taxpayers to the IRS. So, the foreign banks are gonna start turning over information on US taxpayers with...
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Video instructions and help with filling out and completing Which Form 8854 Obligations
