The articles details the most public figure to renounce U.S. Citizenship to date. The combination of the Department of Justice/IRS offshore initiative and FATCA has spurned a lot of “Accidential-Americans,” dual-citizens and expats to renounce their citizenship. This reaction is in direct proportion to the complexity and cost of compliance in addition to the potential criminal liability.
This is an unintended consequence of these laws and should be reviewed by Congress when discussing tax reform. Additionally, folks should be cautioned that an over-reaction to these issues can mean significant, long-term ramifications. When faced with these issues, taxpayers should consult with a Federally Authorized Tax Practitioner familiar with these areas to truly understand the consequences.
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.