WMFD TV

Search Archive WMFD.com News

www.wmfd.com - More Americans living abroad are ditching their citizenship and the Internal Revenue Service may have something to do with it, as a new law requiring foreign institutions to report all assets owned by Americans will soon go into effect. }}" />

   
 
 
Americans Turn In Passports As New Tax Law Hits

Story By: Larry Stine

 

 

 
 
 
  Email Story to Friend
   
  Original Published: 9/5/2013 More Americans living abroad are ditching their citizenship. And the Internal Revenue Service may have something to do with it. A new law requiring foreign institutions to report all assets owned by Americans will soon go into effect. That means folks with big cash stashes abroad will have to pay taxes on those monies. Unlike most countries, the U.S. taxes its citizens on all income, no matter where you earn it or where you live. Some who are deciding to hand over their passports are just tired of all the paperwork and money that goes into filing taxes in two countries.
   
  MORE RECENT NEWS
 
Image1 A one car accident this afternoon has sent a male driver and female passenger to the hospital. Full Story
Image1 Madison School Board approves increase in lunch prices as well as repairs for high school roof. Full Story
 
Image1 A 5K in our backyard takes place this weekend to benefit a local family. Full Story
Image1 Two local universities formalize a long-standing partnership to prepare students for nursing careers. Full Story
  MORE NEWS
 

OSU-Mansfield, Ashland University Sign Nursing School Deal

Mansfield Firefighters Hold Boot Drive For MDA

Former teacher gets probation for sex charges

Mansfield Schools Open For New Year

Armed Robber Hits Park Avenue East Gas Station

Eastview Elementary Parents Club Reports $10,000 Theft

Mansfield man arrested for robbery and abduction

State Patrol Investigating Fatal Crash Near Bellville

Bucyrus Native Rides Bike From Alaska For Reunion

Mansfield man will be sentenced in shooting case

Richland Co. Dog License Fee Increases Next Year

Kidnapping suspects indicted by Richland County Grand Jury

More News