On September 6, 2019, the IRS released a new amnesty program directed at former US citizens who renounced their US citizenship but failed to file required US individual income tax returns. These forms include Form 1040, international informational reports (example – FBAR), or the [...]
A near-record number of U.S. citizens and green card holders expatriated in calendar year 2017—5,133 as reported by the IRS[1]—and this list is widely considered to undercount the true number of expatriates. In fact, since 2010, when Congress passed the Foreign Account Tax Compliance [...]
Aug 8, 2017 Synopsis Last week, the IRS published the names of individuals who had relinquished their U.S. citizenship or their long-term residency status (green cards) over the last quarter. The report showed that Americans are continuing to give up their citizenship at a [...]
Rope about to break, a stress concept According to the Treasury Department, the number of Americans renouncing their U.S. citizenship hit an all-time high in 2016. However, before severing ties with the U.S., it is important to evaluate the tax implications, specifically [...]
Learn more about the exit tax that applies to certain expatriates
As a result of the increasingly burdensome international tax and regulatory regime in the United States (see “IRS Eyeing International Taxpayers”), many more U.S. citizens and permanent residents are considering renouncing their citizenship or relinquishing their green cards than did so in the past. [...]
