President Obama unveiled a plan in 2009 that he said would restore some fairness to the US tax code.
This plan would require overseas banks to issue 1099 forms to US citizens. And more importantly: make the foreign income reportable and taxable.
Obama says his proposal removes tax incentives for US companies to ship their jobs overseas. He also wants to hire 800 full time IRS agents to help enforce these regulations.
Unfortunately, the consequences for American individuals Overseas have been catastrophic. Resulting in people renouncing. Overseas banks turning American clients away. Costly filing requirements and the IRS going after innocent people.
We sincerely hope the US will change its taxation system to a residence-based system.
Americans Overseas helps Americans living abroad to become US tax compliant in an organized way and avoid unnecessary double taxation. Based on your personal situation, we introduce you to the appropriate US tax advisor in our AOS network who will make you a tailor-made offer to help with your tax filings free of charge and free of any obligations.
Contact us for more information