Tag Archives: US expatriation
US Citizenship-Based Taxation: Is Expatriation the Only Way Out?
The United States stands as one of only two countries in the world (Eritrea being the other) that assesses personal income tax based on citizenship as well as residency. This distinctive tax system subjects US citizens to taxation on their global income and gains, irrespective of their place of residence. Consequently, managing tax affairs becomes […]
Expatriated from US? New Procedure
On September 6, 2019, the Internal Revenue Service (IRS) announced a new procedure that allows certain non-compliant US citizens who relinquished their US citizenship to become US tax compliant. This procedure is geared towards ‘Accidental Americans’ who were unaware of their US tax obligations. Under this procedure, no US social security number is required. The […]
US Expatriation: Look before you leap
We have blogged in the past about the general expatriation rules and proposed regulations concerning covered expatriates. Today, we thought we would dig a little deeper and alert the reader to some specific issues that they should be aware of prior to giving up their US citizenship. First and foremost, one should take steps to […]
Proposed Regulations Issued on Covered Gifts or Bequests
On September 9, 2015, the IRS issued notice of proposed rule-making (NPRM) 112997-10. It relates to 2008 legislation regarding Section 2801 – gifts to US persons (US citizens, US residents or domestic trusts) made by former US citizens and long-term residents who expatriate after June 16, 2008, and are classified as ‘covered expatriates.’ Below we […]
Government report indicates another increase in US expatriation
The IRS Commissioner has indicated that funding cuts have resulted in a loss of over 15,000 IRS employees. Because of this, audits are down by 22% and a resulting loss in revenue to the government of $4 billion a year between 2011 to present, considerably less than the costs the government has saved in budget […]
Renunciation of US Citizenship – Embassy Scheduling Delays in London
The article below was written by Nazneen Jafferi, a US Immigration lawyer with Law Office of Janice A. Flynn. If you are wishing to renounce your U.S. citizenship by the end of the year (December 31, 2015), we recommend that you move quickly. Appointment availability at the U.S. Embassy in London has dramatically slowed down […]
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