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Harsh Tax Law for American Expatriates
Author: Scarinci Hollenbeck, LLC
Date: May 17, 2013
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Tax law for American expatriates continues to be a hot topic of debate. While financial experts think that employees in this position may be getting the best of the tax system, many Americans living abroad say it’s actually punishing them.
This is a particularly large issue for American executives who spend a major portion of their careers in different countries, Bloomberg News reports. According to these individuals, filings their taxes involves fillings out more than 100 pages of documents, such as those for foreign pension and tax credits.
“It can be extremely complicated,” Charles Allard, a financial services executive living in Hong Kong, told the newspaper. “This will become more of an issue as the world becomes more global and more Americans want to live and work overseas.”
The United States is currently the only county in the Organization for Economic Cooperation and Development that taxes its citizens no matter where they work. This accounts for nearly 7 million expatriates.
Even members of the Internal Revenue Service agree that the the current tax codes faced by Americans working abroad are overly strict and create unnecessary burden, according to the news source.
In an effort to change the ways in which American expatriates file their taxes, Allard and roughly 100 other executives nationwide are urging the House Ways and Means Committee to change their tax requirements. However, as tension continues to build between lawmakers and those pushing for more tax codes and requirements, Allard may be fighting an uphill battle.
- Practices: Tax and Trusts & Estates, Real Property Tax Strategies, Sophisticated Estate Planning & Wealth Preservation
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