'Victims' Of IRS forms 3520 and 3520-A coming forward to protest large and 'unfair' penalties

Fury and frustration over the way the U.S. Internal Revenue Service has been hitting expat and Homeland individuals alike with eye-wateringly large penalty notices in connection with IRS forms 3520 and 3520-A has been building, with the result that an organized protest movement appears to be forming, a recent post on TaxConnections.com, a California-based news and analysis website for U.S. tax professionals, reveals.

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Andersen analysis: IRS virtual currency guidance clarifies tax treatment of 'hard forks' and 'airdrops'

Will a 'hard fork' result in gross income, and a reporting obligation for the U.S. taxpayer owner of the virtual currency subject to that 'fork'?

As reported, the U.S. Internal Revenue Service recently released some long-anticipated guidance on this and other questions, addressing how those subject to U.S. taxation should report their cryptocurrency assets and transactions.

Here, Joe Gill – a New York-based managing director in Andersen's U.S. National Tax office – shares his thoughts on the latest IRS guidance...

  • Tax

Sri Lankan politician, media join those asking questions about U.S. renunciation data

A Sri Lankan presidential candidate whose name failed to appear on the U.S. government's quarterly list of individuals who have renounced their citizenship is inadvertently drawing attention to a question many Americans and former Americans have been asking for years – which is why it can take months for renunciants' names to appear on the list. 

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IRS letter campaign puts cryptocurrency investors on notice

The U.S. Internal Revenue Service has begun sending "educational letters" to U.S. taxpayers who have been engaging in "virtual currency transactions" and whom it says either "potentially failed to report income and pay the resulting tax" they were seen to owe on certain of these virtual currency transactions, or failed to "report their transactions properly." 

  • Tax

IRS formally announces it 'will [no longer] challenge' foreign tax credits on two French social services 'contributions'

 The U.S. Internal Revenue Service said on Wednesday that it "will not challenge" the claiming of foreign tax credits against certain controversial payments that potentially thousands of American expatriates resident in France have been paying for years, and noted that taxpayers who wish to file a claim for refund of U.S. tax with respect to a foreign tax credit have 10 years after the "due date for filing the return" in question in which to do so.

  • Tax

American couple in France in major win against IRS over tax

In a development that is being seen by American expat groups in France as a major win, the U.S. Internal Revenue Service has admitted in a U.S. Tax Court that it had wrongly collected millions of dollars of tax from France-resident American citizens, ending a years-long legal saga that could see millions of dollars paid to U.S. expats who have lived in and been filing tax returns from France, in the form of refunds.

  • Tax

Congressman Holding spotlights IRS lack of data on U.S. expat numbers

In a House Ways & Means Committee hearing in Washington on Thursday, Republican Representative George Holding called on the IRS to find out exactly how many Americans are currently “living outside of the country, as well as how many are not filing or under-filing” their taxes each year.

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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