Doug Andre Quoted re: Expatriation
PDFDoug Andre was quoted in Bloomberg BNA's Daily Tax Report re: "U.S. First-Quarter Expatriation of 1,300 Is 'New Normal'" by Laura Davison
Excerpt:
More than 1,200 taxpayers gave up their U.S. citizenship it the first quarter of the year, a move some people living outside the country may have made in recent years to avoid tax compliance issues. ...
Some attribute the expatriation numbers to taxpayers wanting to avoid dealing with U.S. tax laws. "The biggest reason for people expatriating is the emphasis on cross-border enforcement," said Doug Andre, a partner at Ivins, Phillips & Barker, Chartered.
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The quarter-to-quarter fluctuations are arbitrary, so one shouldn't draw too much meaning out of any one quarter, Andre said. But if subsequent quarters have similar numbers, 2017 could be the year with most expatriations yet, he said.
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Other members of the Organization for Economic Cooperation and Development have since adopted reporting and disclosure requirements similar to FATCA, Andre said, This type of standard has been embraced by many foreign governments, he said.
"If [the] U.S. were to step away from that, I wonder how effective that would be," Andre said.