Why Expatriate.
6 million US citizens residing abroad can potentially contribute $132 billion in tax revenues to the US government. Consequently this legislative body has enacted laws that saddle Americans offshore with onerous tax and information filing requirements on pain of heavy-handed penalties for noncompliance. Stages of Expatriation. 1. Filing Requirements 2. Foreign residency established 3. Assets to foreign country 4. Renounce citizenship or residency at a US consulate 5. File Form 8854 Form 8854. Until you file Form 8854 and notify the Department of State or the Department of Homeland Security of your expatriating act, your expatriation for immigration purposes does not relieve you of your obligation to file US tax returns and report your worldwide income as a citizen or resident of the United States. Form 8854 also determines if you are a covered expatriate. This Form cannot be filed unless all income tax and information returns are current. The Exit Tax. An exit tax may be assessed on a covered expatriate's worldwide properties as though sold at fair market value on the day before expatriation. ___________________________________________________________________ Today's blog: The International Consortium of Investigative Journalists has published a searchable database that strips away the secrecy of nearly 214,000 offshore entities created in 21 jurisdictions ... .Read more |
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