IRS introduces Relief Procedures for Certain Former Citizens

On 6 September 2019, the U.S. Internal Revenue Service (“IRS”) released an information page on the newly introduced Relief Procedures for Certain Former Citizens (Link). The procedure affects certain persons who have relinquished, or intend to relinquish, their United States (U.S.) citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and avoid being taxed as a “covered expatriate” under section 877A of the U.S. Internal Revenue Code.

In addition, the Department of the Treasury, the Department of State, the Internal Revenue Service, and the Social Security Administration prepared a Joint Foreign Account Tax Compliance Act (“FATCA”) Frequently Asked Questions (Link).

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