Giving up your U.S. passport by renouncing your citizenship now costs you more than ever ($2,350 today, $450 previously). But, this year you could have it cancelled by the IRS as a penalty for your tax delinquency reaching a $50,000 threshold, along with incurring numerous additional fines that continue to be increased.
If you are a U.S. expat or if you manage a global mobility program with U.S. expats, this 2016 tax filing season could lead to an increase in compliancy issues as the IRS has made great strides in its global information gathering and auditing. FATCA requires businesses around the globe to report all assets held by Americans, and while it was aimed at big time cheaters, the law has made tax filing a little more difficult and scary for expats.
To avoid penalties and fines, clean up your data through your compensation accumulation program and heed these 4 tax tips.
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