updated 6:52 PM CEST, Jun 14, 2021

News

U.S. Treasury unveils 'Tax Compliance Agenda' aimed at narrowing 'Tax Gap'

The U.S. Treasury on Thursday unveiled an outline of how it intends to address America's vast so-called "Tax Gap" by funding a  multi-year, "nearly US$80 billion rebuilding" of the IRS; boosting tax compliance by increasing personal and business financial account reporting; and increasing its regulation of paid tax preparers.

EY acquires London-based Frank Hirth tax specialists

Ernst & Young – or EY, as it's increasingly known in the market – the London-based, globally-focused accounting and professional services firm,  has acquired Frank Hirth Plc, the U.S. and UK personal tax specialists.

Finance Subcommittee's May 11 Tax Gap hearing: Excerpts

The Senate Finance Subcommittee hearing on the U.S. "Tax Gap" may have been more than a week ago, but U.S. tax experts and others are continuing to peruse the testimony of the lawmakers and others who spoke, looking for, among other things, clues as to how Congress, the U.S. Treasury…

Most expat Americans ineligible for expanded Child Tax Credit amounts: IRS

American expatriates with children under the age of 17 "generally won't" be eligible to receive the expanded monthly Child Tax Credit payment amounts about to begin being provided under the Biden Administration's so-called American Rescue Plan, although they should be able to continue to receive the amount that has been…

Goldman Sachs, Citi reported hiring in China, Hong Kong...

 ... as a senior Chinese official is quoted as saying U.S. businesses are 'essential' for China's development...  Relations between the U.S. and Chinese governments may still be frosty, but it seems that the prospect of business to be done as the Covid-19 pandemic appears to be starting to ease is prompting…

Expat concern over ignoring of expat issues during sub-committee 'Tax Gap' hearing

Spokespeople for advocacy organizations that represent American expatriate interests – as well as many expatriates themselves – have been expressing concern over what they say appears to be a significant lack of awareness among key U.S. lawmakers of how expat taxpayers currently struggle with U.S. tax regulations, based on these…
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