U.S. citizens and green card holders are taxable on worldwide income. Terminating citizenship or resident status means Uncle Sam can no longer collect tax from them. Predictably, there are tax hurdles to surmount before being free of the U.S. tax system. Receive an introduction to the exit tax rules: Who is caught by them? What are the paperwork requirements? Who must pay tax for the privilege of exiting the U.S. tax system?
Presenter: Phil Hodgen