Unintended Consequences of Offshore Compliance

The articles details the most public figure to renounce U.S. Citizenship to date. The combination of the Department of Justice/IRS offshore initiative and FATCA has spurned a lot of “Accidential-Americans,” dual-citizens and expats to renounce their citizenship. This reaction is in direct proportion to the complexity and cost of compliance in addition to the potential criminal liability.

This is an unintended consequence of these laws and should be reviewed by Congress when discussing tax reform. Additionally, folks should be cautioned that an over-reaction to these issues can mean significant, long-term ramifications. When faced with these issues, taxpayers should consult with a Federally Authorized Tax Practitioner familiar with these areas to truly understand the consequences.

About Five Stone Tax Advisers

Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.

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Five Stone Tax
by Five Stone Tax

Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.

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