|
The Next IRS Tactic vs. Expats and Accidental Americans?Wendy McElroyApr. 17, 2014 |
Popular 
IDF Soldier Takes Sledgehammer to Jesus Statue During Operations in Lebanon
Mark Levin and Jonathan Pollard Push for Nuking Iran
Reuters: Trump Approved Iran Strikes After Speaking With Netanyahu
Trump Says U.S. Sent 'A Lot of Guns' to Iranian 'Protesters'
Carrie Prejean Boller Takes on the Zionist Lobby at White House Religious Liberty Commission
 According to the State Department's estimate (January 2013), approximately 6.8 million Americans live abroad. Many more "accidental Americans" live outside the U.S. In the future, both may confront a powerful new weapon wielded by the Internal Revenue Service (IRS). An "accidental American" is a person who lives in Canada (or another non-U.S. nation) and holds dual citizenship, whether or not he knows it. For example, it includes every Canadian child born to an American parent even if he never sets foot on U.S. Soil. America requires citizens living abroad to file tax forms on the money they earn and to report foreign bank accounts as well as other assets. The foreign income is usually considered taxable by the IRS. But, even if no taxes are owed, the possible penalty for not reporting is $10,000 per undisclosed asset per year. Read More 
|
