The U.S. Internal Revenue Service has issued long-anticipated guidance on how Americans should report their cryptocurrency assets and transactions, and included details of a new "checkbox" that taxpayers must consider when filling out their 1040s.

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...

For the past four years, U.S. born, France-resident and French-speaking Fabien Lehagre has been fighting a tireless and increasingly hard-to-miss battle on behalf of all of France's and Europe's "accidental Americans"...

On September 6, the U.S. Internal Revenue Service introduced an enhanced streamline program aimed at enabling “certain former citizens” to extract themselves more easily than has been the case till now, from American citizenships that they never used and typically, only found out about recently...

Here, Kevin E. Packman, a partner with the Holland & Knight law firm in Miami, Florida, who specializes in tax and citizenship issues, considers the merits of the new Relief Procedures.

The U.S. Internal Revenue Service unveiled a set of "new procedures" on Friday that it said would enable "certain" expatriates – a sub-group of "accidental Americans" who have renounced their citizenship, or are considering doing so – to avoid key taxes normally associated with renouncing.

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. 

Last week, National Taxpayer Advocate Nina Olson retired from the role she held for 19 years. During this time, the IRS, of which the National Taxpayer Advocate's office is a part, adopted hundreds of her recommendations, and Congress introduced dozens of bills to implement others, 15 of which were signed into law, according to published accounts of Olson's legacy....

A U.S. Internal Revenue Service announcement on July 19, by the agency’s “Large Business and International Division” (LB&I), of a new set of compliance initiatives, is attracting growing attention among overseas American tax experts because of its likely impact on expat U.S. citizens.

Israel-based U.S. tax attorney Monte Silver has formally countered the Internal Revenue Service’s motion earlier this month to dismiss his and his company's ongoing lawsuit that challenges a key component of President Trump's December 2017 tax reform legislation.

It is perhaps not surprising to hear that non-U.S. (or "foreign") trusts with U.S. owners can be tricky...