'Dangerous liaisons': Foreign assets and their U.S. taxpayer nominees

For various reasons, people, including those with U.S. tax obligations,  have long taken advantage of the option to use so-called "nominees" to hold legal title to some of their non-U.S. assets. But while there can be arguably good reasons for doing so, especially in countries where Shariah Law can dictate how assets are distributed when someone dies, it can also result in huge and unexpected problems.

Here, in an excerpt from her most recent blog, Dubai-based tax expert Virginia La Torre Jeker considers some of the issues that can arise.

Sunday Express: 'U.S. taxman eyes up raid on Harry's fortune'

The U.K.'s royal family is looking to recruit "a firm of U.S. financial consultants" to help its in-house aides as they "struggle to deal with the Duchess of Sussex's "American tax 'nightmare'," a U.K. Sunday newspaper is reporting today, in what it says is an exclusive report.

  • Tax

Call for U.S. Treasury to fix 'Transition Tax' problems with 'de minimis rule'

The American Citizens Abroad, the main non-partisan Washington lobbying group representing American expats around the world, today urged the U.S. Treasury Department to introduce a so-called de minimis rule to its latest draft of new tax regulations, in order to address what it said were problems inherent in the legislation that, if not changed, would cause major problems for many U.S. citizens living abroad.  

  • News

U.S. passport revocation law comes to Expatland

 In 2015, Congress enacted a law that would revoke the passports of U.S. citizens who were “seriously delinquent” on their U.S. taxes. The enforcement threshold was set relatively high, however – at US$50,000 in outstanding tax, interest and penalties. (A provision was included to adjust annually for inflation going forward, so the amount now stands at US$51,000.) 

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Opinion

Tax Foundation: Joe Biden’s plan to address 'offshoring' comes with contradictions 

Tax Foundation: Joe Biden’s plan to address 'offshoring' comes with contradictions 

Last week, American voters – and business executives, onshore and abroad – finally got a look at Democratic presidential candidate Joe Biden's thoughts about how he planned to change the...

Sep-16-2020