As our world has become more global in scope and United States citizen are living abroad regularly, the new tax laws that were designed to close tax loop holes have caused record numbers of U.S. citizens to abandon their American citizenship which is unfortunate.
The U.S. Government has been on a five year campaign to hunt for undeclared bank accounts held by Americans. The WSJ article below details some of the unintended consequences of this years new tax requirements for Facta and Foreign Bank Accounts Reporting (FBAR).
http://on.wsj.com/12hVUbE
Canner Brody and Yan CPA’s has been operating for over 65 years helping the greater Miami area and U.S. citizens living overseas comply with IRS tax requirements. Our international and expatriate taxation services are designed to help you comply while minimize your tax obligations. If you would like some assistance on your specific situation, call us at 305-728-5109 and ask for Andrew Brody, Managing Partner.