When specific U.S. tax payers choose to expatriate, they can face significant tax consequences and must also consider a number of other issues. Hunter Norton, Tax Director at accounting firm Farkouh, Furman & Faccio in New York explains U.S. expatriation tax rules which apply under Internal Revenue Code (IRC) section 877A.
Expatriation from the U.S. has been growing since 2010, with taxpayers choosing to expatriate for different reasons: "Most commonly, it involves long-term U.S. permanent residents whose net worth is growing and who have an interest in residing outside of the U.S. in the future. It may also involve U.S. citizens who reside in a different jurisdiction who want to avoid the tax compliance obligations that apply to all U.S. citizens whether they reside in the U.S. or not."
Read the full article: https://www.alliottgroup.net/practice-management-resources-for-owner-managed-firms/expatriation-us-tax-consequences/
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