.png)
By Linda Dimyan, Sep 12, 2015 CNBC
The upsurge subsided some in the second quarter but has been ongoing since the Treasury Department and the Internal Revenue Service began aggressively enforcing tax rules for American expatriates. The crackdown on the Foreign Bank Account Report is fresh, though the law has been in existence since 1970. Under the law, U.S. taxpayers are required to file if they held one or more foreign accounts totaling more than $10,000 over the course of a year.
"Many people have been getting caught up on their U.S. tax filings and then renouncing," said Andrew Mitchel, an international tax lawyer who analyzes Treasury Department data.
Follow Larry Elder on Twitter
"Like" Larry Elder on Facebook
No comments:
Post a Comment
Comment Policy:
The author of this blog will attempt to engage in conversation via the comments section whenever possible and recognize the 24/7 nature of the internet. Moderating and posting of comments will occur during regular operational hours Monday through Friday. Comments submitted after hours or on weekends will be read and posted as early as possible, however admins and/or the author is unable to commit to replying to every comment posted.
This is a moderated blog. That means all comments will be reviewed before posting. In addition, it is expected that participants will treat each other, as well as the author and admin, with respect. Comments that contain vulgar or abusive language; personal attacks of any kind will not be posted. Comments that are spam or that promote services or products will not be posted. It is requested that all comments remain on topic.
The Elder Statement blog does not guarantee or warrant that any information posted by individuals on this blog is correct, and disclaims any liability for any loss or damage resulting from reliance on any such information. The Elder Statement blog may not be able to verify, does not warrant or guarantee, and assumes no liability for anything posted on this website by any other person. The Elder Statement blog does not endorse, support or otherwise promote any private or commercial entity or the information, products or services contained on those Web sites that may be reached through links on our Web site.
To protect individual privacy and the privacy of others, please do not include phone numbers, addresses or email details in the body of a comment. Such information will result in removal of a comment.
Thank you for your attention.
The Elder Statement