Legal Question in Tax Law in Florida

Unless you have discarded your American citizenship, you are still a citizen and subject to the worldwide income rule. Your facts don't state whether you are an ex-patriot. You can make certain time limited elections that will affect how much of your foreign earned income is subject to US taxation when you file your return. You may also have some FBAR requirements. You should consult with someone on your legal status and tax obligations.

The general rule is that a U.S citizen is subject to income tax on the taxpayers worldwide income .Their are numerous offsets and adjustments to the income (ex-usually the first $75,000 of income earned abroad is not taxable ).As a result of concerns about income tax evasion from earnings overseas the irs has increased the penalties both criminal and civil have increased.(especially from the swiss bank accts disclosed to the irs recently).In addition, terrorist funding schemes have added further scrutiny to assets and income from out-side the u.s. I would suggest you hire a good accountant who can deal with all the new tax updates. I advise some clients in this area in regard to asset protection so if you need help contact me .