US Citizen living in Canada or abroad tax implications

As a US Citizen residing in Canada or another foreign country you may not be aware of the US IRS tax implications you face.  You are required to report your personal world wide income on your US personal 1040 tax return.  Luckily there are foreign income exclusions and foreign tax credits to possibly allieviate any US income tax owing however the penalties for not filing the proper forms is high even if there is no tax owing.  There may be other IRS reporting implications involved if you own a “foreign corporation” or a “foreign trust” and have “foreign” bank accounts and investments.  Please contact a specialist in this area to see if you may be affected.