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CGCPA
CGCPA, CPA
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Experience:  over 40 years experience in tax matters
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Can the irs seize my acounts in australia

Customer Question

Can the irs seize my acounts in australia
Submitted: 3 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 3 years ago.
Hello,

Thank you for contacting Just Answer!!

Would you be so kind as to clarify your residential status. Are you a U.S. citizen, residential alien, etc. In order for me to accurately answer this question, I wold need t know the above. Thank you.
Customer: replied 3 years ago.

I am a US citizen who moved to australia. My concern is this. I hired a tax representitive back home to handle my affairs. I have been paying them for a few months. I recently checked my account on line back in the is and see that they have been frozen. My concern is that the same can happen here. I have no intention of defrauding the us gov or not pay my taxes hence i hired a professional to handle my matters. However I also cant afford to have my fund here frozen.

 

 

 

 

Expert:  CGCPA replied 3 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

Unfortunately, if the IRS knows where you are they can proceed against your accounts, and even wages, in Australia. This is provided for in Articles 24 and 25 of the tax treaty between the US and Australia. Here is a link to the treaty page:

http://www.irs.gov/businesses/international/article/0,,id=169499,00.html

Expert:  Tax.appeal.168 replied 3 years ago.

Hello,

 

It is true what the previous expert mentioned. Because you are a U.S. Citizen the IRS can seize your assets in Australia. In 2004, the IRS set up formal cooperation programs with Britain, Australia, Japan and Canada. Also, please note that if you have more than $10,000 in a FBA (Foreign Bank Account), you must disclose it, otherwise you risk losing half of it. if you have any tax issues, your best bet might be to hire a Tax Attorney. I hope this helps you. Thank you.

Expert:  CGCPA replied 3 years ago.
Now that two of us have concurred, please feel free to ask if you need additional assistance. If you are satisfied with my response please click the accept button. I do not receive credit for my work until you do so.
CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience: over 40 years experience in tax matters
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