Red, White–and Through

Posted on 2/4/2012 by John with 1 comment

A growing number of Americans living overseas are renouncing U.S. citizenship. The reason? Mounting tax and reporting obligations, lawyers say.

With the U.S. government struggling with huge budget deficits, government bodies such as the Internal Revenue Service and Securities and Exchange Commission have been cracking down on tax evasion and implementing new reporting requirements. In February, the IRS introduced a second offshore voluntary disclosure program aimed at noncompliant American taxpayers with unreported offshore bank accounts and assets ……………..

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