The US has just made it more costly to renounce your US citizenship. If you were thinking of using the process to avoid taxes and fees overseas, you may want to consider that it will now cost you about five times more than it used to. So that's two thousand three hundred fifty dollars, as opposed to the four hundred and fifty used to pay. This will take effect in September 2014, so September 12 is right around the corner. So why is it going up on this? The State Department argues that the old price tag of 450 was heavily subsidized and didn't accurately reflect the cost of processing paperwork involved in these cases. Now, with higher expatriation rates on the rise (for example, a 221 percent increase in 2013), they are saying they can't afford this anymore and need to collect the proper fees. I'm astounded by this. It's like trying to simplify it by saying, for instance, if you want to shut off your cable TV because you don't like the service and you want to go somewhere else, they say, "Sorry, we're not going to shut it off unless you give us twenty-five hundred dollars." What if you don't want to be a citizen anymore and you want to go somewhere else? What do you care what the United States wants? It might matter if you're overseas and not paying taxes, and all of a sudden need to come back to the states. Say, maybe you have a family member in the US who is very sick and you want to visit them. If you renounce your US citizenship, you might not be able to come back. Or if you have warrants for arrest because you've done something bad or haven't paid your taxes, then you can't...
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Non covered expatriate Form: What You Should Know
Non-covered expatriates and U.S. citizens: Expatriate's Expatriation Risk Analysis — The Non-Covered Expatriate — ExpatriateTax.com It's the expatriate's expatriation risk analysis that determines whether it's necessary to file with the Treasury Department's Financial Crimes Enforcement Network (Fin CEN), which also provides tax information, as well as advice and assistance to businesses. The Fin CEN has recently released guidance for the first time on dealing with the expatriation tax liability and the reporting requirement. The guidance is intended to improve the taxpayer's experience in understanding and reporting expatriation payments. Fin CEN has also recently promulgated new guidance for business and tax administrators regarding the expatriation reporting of financial transactions for U.S. expatriates. (See How Do I File an Expatriation Tax Return?) The IRS expatriation risk analyses for covered persons and for non-covered persons, and the procedures in place to provide information and help ensure proper compliance, will remain the same even if you are a covered expatriate. They can be found in Publication 575, Expatriation. In addition, if you have ever renounced your U.S. citizenship and expatriated by other legal means, such you buy court order, the tax returns and information you previously filed, such as IRS-1040 or IRS-1040A should remain on file, and the IRS will make the appropriate corrections. You should not change your name (e.g., switch your last name to an expatriate's name) after renouncing your U.S. citizenship. The U.S. passport for U.S. citizens is considered a “proper evidence of U.S. citizenship.” If a U.S. citizen is born abroad in the U.S., they are considered an “expatriate.” The U.S. passport can also be used as proof of citizenship if necessary. The U.S. passport is still acceptable proof of U.S. citizenship, but it is not proof of residence for purposes of expatriation. The U.S. passport is now used in various situations for determining the citizenship of individuals for purposes of expatriating. However, the U.S. passport is not a valid means of proving or establishing U.S. residence.
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