This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
It's occurred to me that one of the advantages of taking OVDI, especially under a 5% penalty, is that it makes renouncing US citizenship possible after the penalty has been paid. The alternative is a situation where the IRS can punitively tax a would-be expatriate who has taken quiet disclosure into bankruptcy for not complying with FBAR requirements, in effect making renunciation impossible, or at least unpredictable and terrifying. Am I completely up the wrong tree here?
