What power does the IRS have in the UK?
#16
BE Forum Addict
Joined: Nov 2010
Posts: 4,100
Re: What power does the IRS have in the UK?
The problem now is not just on annual returns - but what happens when you become an angel. As all US dual citizens know, whether you live in the US or not, the IRS taxes your worldwide estate. There are public case files in every state where the IRS has hammered estates of deceased citizens both in the US and abroad. These penalties are compounded by many things, including the deceased not filing annual returns. Do not think that the IRS care about you when you live because you may or may not earn or owe small amounts, they want you when you're actuarially mature because as you know, you're worth more dead than alive. For several years now, they have been leaving debts with survivors (read children and spouses) including but not limited to taxes, health costs etc. Get proper advice from an international accountant who is licensed in your former/current state as well as the UK or wherever you choose to retire and or die. Remember, it's not so much about now, due to things like tax treaties etc, but when you die.
#17
Re: What power does the IRS have in the UK?
For several years now, they have been leaving debts with survivors (read children and spouses) including but not limited to taxes, health costs etc.
Get proper advice from an international accountant who is licensed in your former/current state as well as the UK or wherever you choose to retire and or die. Remember, it's not so much about now, due to things like tax treaties etc, but when you die.
#18
Re: What power does the IRS have in the UK?
I'd also heard that too, that if you try to revoke your US citizenship they consider you dead and you'll owe them. Honestly, it's getting to be the case that to have no money is better in the long run where the IRS is concerned. I assume your doctor friend in the Caribbean has decided not to revoke it? ( I wish I'd more carefully thought through this whole US citizenship thing before I did it )
B*stards, all of them if you ask me
B*stards, all of them if you ask me