As of the end of September, 980 people had expatriated from the U.S. since July, just over one-third more than the number from the second quarter of the year, the Internal Revenue Service said in a notice released Friday.
This rise in expatriations in the last quarter builds on a rebound in the number of people losing or renouncing their U.S. citizenship in the second quarter after a series of decreasing expatriations that bottomed out at 228 people from January through March.
Expatriation Is The Term The IRS Employs For Loss Or Renunciation Of U.S. Citizenship Under Internal Revenue Code Section 877(A) And Section 877A, The Notice Said.
Expatriation has increased significantly in 2020. The latest U.S. Department of the Treasury Report reflects that a record 6,047 individuals expatriated during the first three quarters of 2020. In addition, 834,000 "green card" holders became U.S. citizens in FY 2019, which reflects an 11-year high.
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Read more at: Tax Times blog
