Good bye U.S.

[veritas]

http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBRE83F0UF20120416

[joanmcq]

I just completed 10 back years of 3520s, 3520-As, and amended returns to correct the check box about foreign trusts on Sch B. For what? An Australian retirement account which does not even generate income, only unrealized capital gains.

I'm a frikking CPA with 13 years of tax experience and a master's in tax. Trying to understand exactly what to do with these forms for what is essentially an IRA was mind-numbing, and I am very thankful to Phil Hodgens, the attorney mentioned in the article, for his advice on what to do, and how to do it. Without professional help?

One of my clients has been thinking about renouncing, not because he owes any tax, but the filing requirements are costing him big bucks, and for what? The threat of a $100k penalty?

[AZ-Tax]

Hope they enjoy their FREE quality healthcare.

http://www.reuters.com/article/2012/...83F0UF20120416

Hope they enjoy their FREE quality healthcare.