University of Saskatchewan

Financial Services Division (FSD)

Sep 26, 2012

Important Tax Message Regarding U.S. Citizenship

The following message is for those employees who are U.S. citizens, dual citizens or green card holders, regarding tax filing requirements. This message may also be relevant to individuals who have renounced their U.S. citizenship or whose spouse and/or children are U.S. citizens, dual citizens or green card holders.

As a U.S. citizen, dual citizen or green card holder, you may have Internal Revenue Service (IRS) filing requirements even if you no longer reside in the United States.  Penalties for non-compliance can be significant, even when no taxes are owed.  Also, certain elections may need to be filed to be compliant with pension income requirements.

On June 26, 2012, the IRS announced new procedures regarding tax compliance for U.S. citizens and green card holders living abroad.   More details are included on the IRS’ website at: http://www.irs.gov/uac/IRS-Announces-Efforts-to-Help-U.-S.-Citizens-Overseas-Including-Dual-Citizens-and-Those-with-Foreign-Retirement-Plans 

Affected employees (and/or employees’ spouses or children) are advised to discuss this matter with their U.S. tax advisor and to take appropriate steps, accordingly.

For more information, contact:
Tracey McHardy at tracey.mchardy@usask.ca or 966-2461