As the only country in the world requiring U.S. citizens and green card holders to file domestic taxes even when working abroad, you may be surprised to find that any foreign income earned is still subject to U.S. tax requirements. Failure to adequately file your U.S. taxes can result in heavy fines and penalties.

On January 23, 2020, the Internal Revenue Service (IRS) announced the first major crackdown conducted by the Joint Chiefs of Global Tax Enforcement. In doing so, it sent a stern warning to U.S. taxpayers who have offshore accounts, and it signaled that taxpayers who fail to comply with the IRS voluntary disclosure requirements may be at risk in similar coordinated international law enforcement efforts in the coming years.