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Yet Another Reason to Overhaul the IRS Code: Tax Filing Nightmare for Those Earning Abroad

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If you think filing your taxes is a pain, try talking to one of the 6 million Americans living abroad.

Unlike citizens of most other countries, Americans are legally obligated to file U.S. taxes each year, even if they are living and earning income overseas.

Problem is most expats are also required to pay taxes in their country of residence. This means two huge piles of paperwork, two sets of deadlines and one giant struggle to keep pace with a complex mess of ever-changing regulations.

“As soon as I moved overseas, that’s when things got very complicated,” said James Rosenberg, an IT professional who owns a business in South Korea.

While living in the U.S., the Iowa native was able to prepare his returns using TurboTax. That’s no longer the case — Rosenberg’s taxes are now so complicated he has been forced to hire an accountant.

http://money.cnn.com/2013/10/30/news/us-expat-tax/index.html?iid=s_mpm

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Written by voiceoftruthusa

October 31, 2013 at 6:04 am

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