Feigenbaum Law

citizenship-based taxation

An American passport, representing the idea of renouncing citizenship

Personal Tax Planning

Renouncing US Citizenship As a Tax-Avoidance Strategy: Is it Worth It?

In last week’s blog, we discussed the case of an American business owner facing stiff penalties from the IRS for failing to report income held in Canadian accounts. The obligation to file taxes in the United States on income earned in foreign jurisdictions should not be news to Americans or dual citizens since the implementation of the Foreign Account Tax Compliance Act (FACTA), but the reality of satisfying this obligation may involve more work… Read More

Citizenship

Corporate Tax Planning

Tax Fairness for Americans Abroad Act: Potential Tax Relief for Canadian Residents with U.S. Citizenship

On December 21, 2018, North Carolina Republican Congressman George Harding tabled the Tax Fairness for Americans Abroad Act, a bill which, if passed, would exempt Americans living in Canada (and other countries abroad) from having to pay tax on income earned outside of the U.S. Citizenship-Based Taxation Holding said he introduced the proposed legislation because the U.S.’ current system imposes an unfair burden on taxpayer who have American citizenship but live outside… Read More