Re:Obama presses to end corporate trick for evading taxes
by grecy on Friday July 25, 2014 @04:10PM
(#8087368)
A friend at work who is a US citizen and has been living in Canada for ~15 years just found out he owes back taxes for those 15 years to the USA.
He's been told that as of July 1 2014, renouncing US citizenship will have no impact, he still has to pay back taxes, and forward taxes.
I'm doing some googling now, and this might be it, or at least related, I'm not certain
http://www.cbc.ca/news/canada/fatca-facts-what-canadians-nee...
http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_...
Re:Obama presses to end corporate trick for evading taxes
by smtddr on Friday July 25, 2014 @04:24PM
(#8087443)
It would be really awesome if you(or your friend) had a blog to keep us up-to-date on how this turns out. I can't imagine what 15 years(plus penalties?) in back taxes looks like. I would consider just disappearing.
Assuming she/he is willing to share that personal info.
Re:Obama presses to end corporate trick for evading taxes
by grecy on Friday July 25, 2014 @07:04PM
(#8088125)
It's a huge amount of money, as he's basically been working insane overtime in IT for the last 15 years.
Disappearing is not really an option - we're very close to the US border and going there on weekends is one of the major things we do, also, Canada will expedite to the US, and I wouldn't be surprised if they track him down, as we're talking many hundreds of thousands of dollars.
Wherever you, as an individual, move in the world, you are still supposed to pay US taxes. The US is one of the very few countries in the world to do this. The number of people renouncing their US citizenship to get away from this is on the rise.