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IRS News: Citizen Pain

The Wall Street Journal reports today on a trend stemming in part from more aggressive IRS enforcement against U.S.-native expatriates who don't report information on foreign bank accounts. "The requirement has been in place for years," the WSJ writes, but last month the IRS announced stricter reporting requirements for foreign bank accounts, and the agency has enforced penalties more in recent years.

Public records show more than 500 people renouncing U.S. citizenship or permanent residency in the last quarter of 2009--which exceeds the total number for all of 2007.

Associate Editor

Melissa Maleske

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