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.
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