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New tax to fund Obamacare could leave American expats in Canada or elsewhere owing Uncle Sam


What is the most feared government agency in the United States? The FBI, the DEA, the CIA, deadly special-ops soldiers like Seal Team Six?
No, it’s the U.S. Internal Revenue Service (IRS), whose long arms stretch around the world and deep into the pockets of Americans living abroad.
Now a new law gives expats a fresh reason to hate the Yankee revenuers.
Anyone holding U.S. citizenship, including dual citizens, is required to file an annual tax return and report all their income, even if they haven’t lived at home in years and pay taxes where they reside.
Most end up owing nothing if they’ve paid tax where they live under international agreements that eliminate double taxation. But as CBC News noted in a story last spring, Americans must report income from foreign bank accounts over a certain amount, and a 2010 law requires foreign financial institutions to report information on American-owned accounts.
The tough IRS stance has created anxiety among many of the one million Americans living in Canada, some who haven’t bothered filing U.S. tax returns for years.
An amnesty program launched last year aimed at those who may owe only small amounts to the IRS has helped ease that fear but things suddenly have become complicated again. The Globe and Mailreports wealthier Americans will be subject to a new 3.8 per cent tax on investment income that kicks in this year to help pay for the government’s new healthcare program, known as Obamacare.  >>>MORE<<<


Short URL: http://www.newsnet14.com/?p=117671

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