Several Liberian US officials could soon face trouble for breaking tax laws

Information reaching the GNN from closed sources at the United States Internal Revenue Services (IRS) revealed that several Liberian government officials and individuals in the private sector who hold United States citizenship and permanent residency in the United States United States may not comply with the United States Internal Revenue Service tax code. offense for non-filing of one or other of the taxes.

As a result, several Liberians in the subsequent Liberian government administration failed to file their taxes and for those who did, many did so with incomplete income information. The current Liberian administration is said to have several Liberians with US citizenship and/or residency and they are found in various branches of the Liberian government as well as in the private sector.

Those Liberians who are in default of paying taxes on their foreign income may soon find it difficult to retain their US citizenship and residency status. Under IRS law, U.S. citizens must pay foreign income taxes if they meet the thresholds, which are generally equivalent to the standard deduction in their filing status.

US citizens pay taxes on income earned abroad. These taxes are based on citizenship, not a country of residence, according to an IRS source. Reportedly, if a U.S. citizen overseas, as in the case of some Liberian government officials who earn high incomes, fails to report international income, and that person deliberately fails to do so, that person is is subject to a civil penalty of up to $10,000.00 per violation. If the individual deliberately avoids payment of taxes, the penalties can be up to $100,000.00 or 50% of the foreign account balance at the time each violation occurs, our source noted.

There are several public servants who hold US citizenship who served in previous governments and are currently in the Weah-led government with high incomes and who allegedly failed to report their income and the nature of their employment to the IRS. As a result, these Liberians earn huge salaries through their employment in Liberia, both in government and in the private sector.

According to the information obtained, one of the main catalysts used by the IRS to obtain and know the foreign income of American citizens working abroad and refusing to declare or pay taxes is the Foreign Account Tax Compliance Act (FATCA). . In compliance with FATCA, more than 300,000 Foreign Financial Institutions (FFIS) in more than 110 countries actively report account holder information to the IRS.

According to information obtained, from FATCA, the IRS receives account numbers, balances, names, addresses, and identification numbers of account holders. Americans with offshore accounts must also submit from 8938 to the IRS in addition to the largely redundant FBAR form. According to our source, the IRS will come after anyone regarding where they live. The IRS can file a lien on their assets, regardless of the location of the assets.

If someone is a U.S. citizen or resident alien, he or she has U.S. tax liability, even if he or she has dual citizenship of the United States and Canada. In another development, a person can lose their citizenship in specific cases, including if they report for public office in a foreign country or enter military service in a foreign country, our source concluded.

Source: GNN Liberia Washington DC Contact

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