What's the danger of not filing tax returns in America?

The U.S. government has twice launched a voluntary declaration plan for overseas assets, and refusing to declare overseas assets is regarded as intentional tax evasion.

At present, less than 65,438+00% of China people declare voluntarily. If they are found out, they will be severely punished or even sentenced to jail. For new immigrants, they may be in danger of being repatriated.

Previously, cases of not declaring overseas assets were not taken seriously, and the maximum fine was only $65,438+0,000. However, there have been many cases involving the declaration of overseas assets in the last three years, and the law enforcement is very strict. In view of the situation of the Chinese community, only 10% of Chinese who have overseas assets voluntarily declare. Of the Chinese who went to the law firm for consultation, only 1 of1finally hired them to declare voluntarily.

According to the IRS data, there are 7 million to 8 million people with dual nationality in the United States, of whom about 1000 to 2 million people live overseas, of which 10%- 15% have assets overseas but have not declared them. After two voluntary declaration programs initiated by the government, 1 1,000 to 20,000 people applied, accounting for only 10%.

The consequences of not filing tax returns on overseas assets are very serious. If you surrender, you need to pay a fine of 27.5%, as well as tax and interest. If you don't surrender, as long as it exceeds $654.38+00,000, it is a felony. It is not only a fine of $654.38+00,000 per year or a fine of 50% of the total deposit, but also a maximum of five years in prison. If the person concerned is not a citizen, even if he pleads guilty, he will be deported unconditionally.

At present, we haven't seen any cases of China's overseas assets being sentenced for not filing tax returns. Many of the sentenced people are Jews in the East, but as an indicator, the IRS may take several cases of Asian communities as warnings, and the chances of winning such cases are very small. The U.S. High Court rejected the appeal of a Japanese businessman who was automatically repatriated for failing to pay tax returns. The appeal was rejected by four courts. Therefore, we remind the vast number of new immigrants that they should honestly file tax returns when they come to the United States, and there is basically no chance of winning if they are handed over to the court.