Latest News 2011 February Tax Laws May Cause Some to Renounce Citizenship

Tax Laws May Cause Some to Renounce Citizenship

U.S. tax laws may cause some immigrants to renounce their citizenship or permanent residency status. When there are possible U.S. assets in foreign accounts, the U.S. then reportedly taxes them if they are deemed U.S property. However, renouncing U.S. citizenship doesn't immediately obviate any existing tax liability as one can reportedly been responsible for U.S. taxes for up to ten years.                           

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