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Subject:  Renouncing citizenship for tax purposes Date:  8/22/2013  12:08 AM
Author:  stevenjklein Number:  119046 of 127613

Interesting article in the Wall Street Journal:

I was particularly surprised to note the complexities of US taxes for citizens living abroad. For example, even though income below $100K/year is exempt, one still must file a tax return.

And there can be penalties for failing to file forms that far exceed the taxes owed. Consider this:

Bryan Skarlatos, a New York partner with law firm Kostelanetz & Fink who has handled hundreds of offshore accounts cases, says the total includes more than a dozen in which the tax and interest owed on offshore accounts was less than $20,000. Yet the IRS assessed penalties of more than $1 million, he says. The IRS declined to comment.
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