Judge's decision 'clobbered Treasury/IRS' Monte Silver tells Steve Mnuchin, other Treasury officials

Two days after a U.S. District Court judge in Washington, D.C. ruled that he could go ahead with a legal challenge of a key component of President Trump's December 2017 tax reform legislation, Tel Aviv-headquartered U.S. tax attorney Monte Silver told U.S. Treasury Secretary Steve Mnuchin and other Treasury officials in an email that their case against him had been "clobbered" by the decision.

  • Tax

Potentially significant error in 2018 IRS tax guide for 'certain married taxpayers filing separately' in Expatland

An IRS tax guide published in January of this year and intended for "U.S. citizens and resident aliens who work abroad or who have income earned in foreign countries" contained a major error that has only now come to light, and which "may have caused certain married taxpayers filing separately to fail to file" a tax return that in fact they should have, acting National Taxpayer Advocate Bridget T. Roberts said on Friday. 

  • Tax

Bruce Zagaris: GAO report demonstrates that U.S. 'must reform foreign asset reporting'

On April 1, the U.S. Government Accountability Office published a report detailing what it said was the long-overdue need for the government to take action on foreign asset reporting. The report, entitled "Foreign Asset Reporting: Actions Needed to Enhance Compliance Efforts, Eliminate Overlapping Requirements, and Mitigate Burdens on U.S. Persons Abroad” (GAO-19-180), was addressed to members of Congress.

Ahead of Christmas exodus, ACA reiterates importance of passports for Americans resident abroad

Fourteen days before Christmas, as American expats around the world were beginning to pack their bags and return to the States to celebrate the holidays with their families, the American Citizens Abroad formally reiterated its concern about a recent decision by the IRS to row back on a "temporary suspension" of a regulation that permits the government to revoke or deny U.S. passports to Americans "with open National Taxpayer Advocate Services cases".

  • News

IRS to non-U.S. banks: 'You don't need to close accounts of Americans whose TINs you don't have after all'

Under pressure from European banks in particular, the U.S. Internal Revenue Service has issued clarification with respect to a FATCA requirement that "foreign financial institutions" be obliged to provide the so-called Taxpayer Identification Numbers of their American clients from January, 2020 onward, which tax experts say means that banks now won't have to close the accounts of their TIN-lacking "accidental American" clients at the end of this year.

  • Tax
Subscribe to this RSS feed

Opinion

AXFNJ Podcast: Dubai private asset manager for U.S. expats Vince Truong explains why everyone needs ‘a financial roadmap in place’

AXFNJ Podcast: Dubai private asset manager for U.S. expats Vince Truong explains why everyone needs ‘a financial roadmap in place’

Hearing Americans who've been living abroad for 10 or more years, and sometimes for most of their adult lives, describe how they got there is always interesting, I find. Many...

Dec-15-2022