Wednesday July 6, 2022 – More US citizens than ever are renouncing their US citizenship. While politics plays a part – the most common reason is TAXES. US Expatriates (those Americans living outside the country) are still subject to US tax laws, FBAR and FATCA rules. Often, that means double taxation – and it ALWAYS means following US tax laws.
When US Citizens elect to renounce their citizenship they find a SURPRISE – and exit tax.
That’s right. Before someone is allowed to give up their citizenship they have to pay a tax on ALL of their assets.
Attorney Steven A. Leahy reveals the cold hard truth about the EXIT tax on Today’s Tax Talk.
https://www.forbes.com/sites/robertwood/2022/07/06/leave-us-pay-irs-taxes-forever/?sh=3367259c1a30
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649