Tuesday 27 September 2022

Americans In Costa Rica Advised To Ensure US Tax Compliance

Paying the bills

Latest

IMN forecasts “extreme” rains in the coming weeks

QCOSTARICA - The national weather service, the Instituto Meteorológico...

Cambronero to be closed for at least three months

QCOSTARICA - This Sunday, the Minister of the MOPT,...

You can see it coming …

QCOSTARICA (OPINION) Unlike the wall of debris and water...

Former UCLA basketball player Jalen Hill’s death investigation continues in Costa Rica

QCOSTARICA - Some of the details surrounding the death...

Costa Rica goal is 2 million tourists for 2022

QCOSTARICA - Although it is difficult to accurately estimate...

Basic Passive Rate rises again and upward trend will continue in the coming weeks

QCOSTARICA - Have you seen an increase in your...

Possible formation of a tropical storm would affect Costa Rica with more rains this weekend

QCOSTARICA - Faced with the possibility that tropical wave...

Dollar Exchange

¢634.43 Buy

¢640.39 Sell

24 September 2022 - At The Banks - BCCR

Paying the bills

Share

BN-GA430_edpQCOSTARICA via Tax-news.com – The inclusion of a passport revocation provision to fund part of the proposed US highway bill would “disproportionately” affect American citizens living overseas, like in Costa Rica, according to a recent release from the deVere Group, a financial consultancy.

The provision, which would be effective from January 1, 2016, would authorize the federal Government to deny an application for a passport from an individual who has more than USD$50,000 of unpaid federal taxes that the Internal Revenue Service (IRS) is seeking to collect through enforcement action.

It would also permit the federal Government to revoke a passport for such individuals. Before revocation, the use of a previously issued passport would be limited to return travel to the United States.

- Advertisement -

The CEO of deVere Group, Nigel Green, advised the estimated 8 million Americans living overseas to “ensure their financial affairs are in order and compliant” by the New Year. It is likely, he said, that these taxpayers will be more affected because, “due to the cross border element, their financial affairs are, typically, far more complex than their counterparts ‘back home.'”

“In addition, the Foreign Account Tax Compliance Act has added extra layers of complexity – meaning mistakes can be made more easily,” he added, “and, since September 30, the would-be private financial information of Americans living overseas who have more than USD50,000 in accounts is now being sent automatically to the IRS.”

He also noted that “expats are far more reliant on their passports for their work and their everyday lives than those who reside in the US.”

See more at: http://tax-news.com
What effect would a passport revocation be on an American with residenct in Costa Rica?
We invite you to post your comments below or on our Facebook page.

- Advertisement -
Paying the bills
Avatar photo
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

IMN forecasts “extreme” rains in the coming weeks

QCOSTARICA - The national weather service, the Instituto Meteorológico Nacional (IMN),...

Cambronero to be closed for at least three months

QCOSTARICA - This Sunday, the Minister of the MOPT, Luis Amador,...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.