The U.S. is one of the few countries in the world that taxes its residents’ and citizens’ worldwide income. While this is not an issue for most citizens, those with foreign income are often surprised by their US tax responsibilities. Some U.S. citizens who have never lived in the U.S., don’t speak English, or earn money from U.S. sources can be subject to a surprisingly steep tax bill when the U.S. Government finds out that these “accidental Americans” are earning large incomes overseas.
Each resident and citizen of the U.S. must weigh the costs and benefits of their ties to the U.S. Often, the tax bill exceeds the benefits. In this case, expatriation from the US and revocation of your U.S. citizenship or green card status will terminate your U.S. income tax filing responsibilities.
As you can imagine, this is not a simple process. REM has helped numerous citizens and residents revoke their ties to the United States and the long arm of the Internal Revenue Service. Through effective income tax planning and efficient compilation of the necessary paperwork, we have delivered unparalleled value to those looking to avoid further issues with the IRS. Contact us here to get the conversation started.