CNN Money Quotes Scott Michel: Americans Turn In Passports As New Tax Law Hits
CNN Money quoted Scott D. Michel concerning the increasing number of Americans choosing to renounce their U.S. citizenship because of a new disclosure law aimed at stamping out tax evasion. Once citizenship is renounced, the government can still go after former citizens if evidence of tax evasion surfaces. To read the complete article, please visit CNN Money's website.
Excerpt taken from the article.
Plus, there's no statute of limitations and the IRS could then collect back taxes, said Scott Michel, president of Caplin & Drysdale, an international tax law firm.