by Jeff Berwick, Dollar Vigilante:
Imagine one day waking up and realizing that a certain nation is proclaiming you are their citizen, and that you owe them taxes on your past, present and future income, even though you’ve perhaps never even set foot in that nation! For many so-called “accidental Americans” this is the reality.
One example is that of Julie Veilleux. When she discovered this startling news, she marched to the nearest US embassy to renounce her citizenship. After all, she had lived in Canada since she was a young child, and the middle-aged woman didn’t know she carried dual citizenship. Regardless, renouncing citizenship wouldn’t absolve her of the many “penalties” the Internal Revenue Service (IRS) will claim she owes them.
Accidental Americans are particularly flustered by the new American tax regime, FATCA, which comes into effect in less than 100 days. It seems every couple of years the IRS has to change the tax code for Americans abroad.
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