US expats flock to advisers as tax amnesty deadline looms

Many US citizens are considering checking and paying any outstanding tax using the IRS' Offshore Account Settlement Initiative, which ends 23 September to avoid penalties dished out in a future tax evader hunt. According to the FT, some US Lawyers have experienced a tenfold surge in requests for help filing Report of Foreign Bank and Financial Accounts (FBAR) of offshore assets. Advisers believe American expats living in low-tax jurisdictions such as Hong Kong and Singapore are the most ruffled, as they are assumed to owe the largest amount of tax to the IRS. The amnesty move follo...