John Richardson has written Life in the Penalty Box for Tax Connections.
John highlights the rather cunning comments made by then U.S. Ambassador to Canada Jacobsen. (who is now Vice-Chairman of Canadian bank BMO in Chicago.)
If you read the “Internal Revenue Code” you will see that:
If the word “foreign” appears, the word “penalty” is sure to follow.
To put it simple, those U.S. citizens (and this includes Green Card holders too) who live outside the United States live life in the “penalty box”.
I look forward to sharing these issues and concerns with you at the “Internet Tax Summit” on September 21 2015.
This has been Part 1 – “Life In The Penalty Box”. I will continue this series of posts in the days leading up to the “Internet Tax Summit“.
I will update further posts here as they appear.