Quote Originally Posted by Latindancer View Post
"What is really driving Americans to expatriate is not that they do not want to pay taxes. What is driving them crazy is that now filling out tax returns is much more complicated-it requires tremendous work in terms of tax-record keeping and then it can cost thousands of dollars to get a competent person to fill it (the tax return) out," David Kuenzi, the founder of Thum Financial Advisors, told CNBC.

A particular bugbear is the Foreign Account Tax Compliance Act (FACTA), which came into force at the end of June this year with the intention of combating tax evasion. It requires all Americans to provide the IRS with detailed information on their foreign financial accounts and offshore assets, and also requires that foreign financial institutions divulge any accounts held by Americans, as well as any entities in which Americans have financial interest.

This latter point has proved controversial, with some countries claiming it violates local laws, and expats saying that certain banks are now unwilling to service them due to the increased administrative burden and the risk of misfiling to the IRS and being hit by penalties.

Individuals can also be hit by steep penalties for misfiling, even by accident. Fines start at $10,000 and criminal charges can apply if the IRS decides information was withheld "willfully".

"My filing requirements and possible penalties are very much different (to U.S. residents)," Jim Rogers, a renowned U.S. investor who lives in Singapore, told CNBC. "It is treating Americans who live abroad differently-you would think it is some kind of discrimination."

Rogers, who was born in Baltimore, said that relinquishing citizenship "crosses the minds of everybody lives abroad".

"I know three or four Americans who are basically being forced to give up citizenship. If you make simple mistakes it could cost you-it could be a criminal offense, or at least a very financially onerous one," he told CNBC.
What is driving them crazy is that now filling out tax returns is much more complicated-it requires tremendous work in terms of tax-record keeping and then it can cost thousands of dollars to get a competent person to fill it (the tax return) out," David Kuenzi, the founder of Thum Financial Advisors, told CNBC.
That’s funny. It isn’t hard to do.

Mine (one page of two) is below. Does it look difficult to do?


The people at CNBC are idiots. And if you’re American and complaining about paying your share or filling out this simple form,..let me help get you started. Click here.