THE TRANSATLANTIC MAGAZINE
US Citizenship renunciation has been in the news recently, after the IRS released its latest quarterly list of those who have renounced. In the May 2020 release, it was confirmed that 2907 renunciations had been processed, whilst thousands more were processed in the most recent quarter. A number of reasons have been cited for a general increase in the number of renunciations in recent years - for many US Citizens residing overseas, a combination of onerous US tax reporting, regulations like FATCA and a lack of consideration for the impact of US policy on Americans living outside of the States has meant that they've decided renunciation is the best option.
With the 2020 US Presidential Election also on the horizon, US Tax expert firm Moodys Taw are offering a free webinar on Saturday, August 15, which will specifically help Americans in the UK who are considering, or simply interested in, the process of renunciation.
Ahead of the webinar, two of the firm's tax experts, Alexander Marino and Jennifer Silivus, have put together an article looking at how the policies of each presumptive nominee could impact overseas Americans.
Introducing the report, they write that "As election season is upon us, it is critical to understand the economic impact each candidate’s tax policies will have on you and your family as a US citizen living outside the United States. Emotion aside, death and taxes are guaranteed for all and not in that order."
The article also notes that "The renunciation process is fraught with landmines, including an exit tax and being barred from the US forever if not done correctly. Proper legal advice is always highly recommended."
The webinar aimed at UK based Americans is set to take place at 2pm to 4:30pm BST on Saturday August 15. You can register using the below link:
There will also be webinars for Americans based in Canada, on August 22, and for Americans based in Australia and New Zealand, on September 5.
For more information on Moodys Tax, go to www.moodystax.com