IRS eases Tax Compliance and FATCA Reporting Burden
Encouraged by overwhelming response and a $6.5 billion revenue generation since the Foreign Account Tax Compliance Act (FATCA) implementation was started, the United States Internal Revenue Service has streamlined the process by which recalcitrant taxpayers can voluntarily come clean and avoid severe penalties and even criminal prosecution.
US Citizens and Residents living in Jamaica liable for US Taxes
Information released during the last US general elections, indicated that up to twenty thousand US citizens and Green Card Holders reside in Jamaica. Many are Jamaican citizens who have acquired US residency or citizenship status but have chosen to continue living and working in Jamaica often operating businesses in both jurisdictions.
Tax Implications of Renouncing your US Citizenship
Certain US citizens or long time permanent residents who renounce their citizenship or residence with the United States after June 17, 2008, may be liable for an expatriation tax. The expatriation tax applies to individuals who are deemed to be "Covered Expatriates" at the time of expatriation.