ChiliPepr
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This article talks about people that have renounced their citizenship due to having to file US tax returns:
Special Report: Tax time pushes some Americans to take a hike | Reuters
Has anyone here thought about renouncing citizenship to stop filing tax returns? It seems like most people do not have to pay, just file.
It looks like people in "mixed marriages", one US citizen one not, have the biggest issue when the spouse does not want to file with the US govt.
Special Report: Tax time pushes some Americans to take a hike | Reuters
Has anyone here thought about renouncing citizenship to stop filing tax returns? It seems like most people do not have to pay, just file.
It looks like people in "mixed marriages", one US citizen one not, have the biggest issue when the spouse does not want to file with the US govt.
The United States is one of the only countries to tax its citizens on income earned while they're living abroad. And just as Americans stateside must file tax returns each April - this year, the deadline is Tuesday - an estimated 6.3 million U.S. citizens living abroad brace for what they describe as an even tougher process of reporting their income and foreign accounts to the IRS. For them, the deadline is June.
The first regulation requires all Americans, including those living abroad, with at least $10,000 in overseas bank accounts, to file a supplementary form disclosing all of their foreign accounts. That includes any accounts in which the U.S. citizen has a financial interest. That could include a joint account with a spouse or child, accounts for corporations in which the American owns more than 50 percent of the value of shares of stock, or any trust or estate that benefits the U.S. citizen.
The tax compliance act - the newer law - asks foreign financial institutions such as banks, hedge funds, and private equity funds to provide the IRS with information on U.S. clients.
Genette Eysselinck, a friend of Laederich's, renounced early this year. Her husband, a European Union civil servant, saw no good reason to share his account information with the IRS, she says. And after considering all her options, Eysselinck decided that renouncing was the best path.