Recently, Dennis was interviewed by Fox News on his thoughts on Prince Harry and Meghan Markle’s move to North America and how it may impact their taxes. Below is an excerpt of the quote:
“Basically speaking, the U.S. has a system of taxation which is different from the vast majority of countries in the world in that in the United States, if you’re a U.S. citizen, it doesn’t matter where you’re living in the world, you pay tax on all of your income wherever you earn it.”
He also went on to say, “So if Meghan takes a modeling job in the U.K., she still pays tax in the United States. She’s still subject to all the reporting requirements that U.S. citizens are.”
He continued: “For example, if she and the prince opened up a joint bank account and the U.K. and it’s got more than $10,000, which we would hope it would, she’s got a form that she is required by law to file with the Treasury Department. And if she fails to file that form in a timely manner, she is subject to penalties up to 50 percent of the balance in the account. And that’s a requirement that all U.S. citizens have.”