Tax

Tax experts critical of, and/or baffled by, new IRS effort to exempt some foreign trusts from info reporting

Days after the IRS announced a new "revenue procedure" it said would "exempt from foreign trust information reporting requirements certain U.S. individuals' transactions with, and ownership of, certain tax-favored foreign trusts", some tax experts have been coming forward to express doubts about whether the new "procedure" would achieve much, if…

March 6, 2020
Tax
By Helen Burggraf

Meeting of accidental Americans with Dutch lawmakers in the Tweede Kamer, The Hague

Frozen bank accounts latest: Dutch MPs submit questions on 'accidental American' issues to Treasury officials

Dutch Parliamentarians have submitted a list of some 25 questions on the subject of "banks that, in response to the U.S. FATCA legislation, are refusing to provide services to Dutch nationals who also have American citizenship" to the country's treasury minister and deputy treasury minister, in the latest development in a…

February 22, 2020
Tax
By Helen Burggraf

U.S. Treasury belatedly reveals 'regulatory reform' talks with EU

The U.S. Treasury this week revealed that it had met last Tuesday and Wednesday in Washington with representatives from a number of EU organizations, including the European Commission, European Banking Authority and the European Securities and Markets Authority, "to exchange views on financial regulatory developments". It said the meetings had…

February 21, 2020
Tax
By staff writer

IRS officials meet 'J5' counterparts in Sydney to discuss joint 'tax crime' enforcement

Top officials from the Internal Revenue Service’s Criminal Investigation unit have been meeting this week in Sydney with their counterparts from Australia, Canada, the Netherlands and United Kingdom to "review" and "set priorities" in their joint "fight against trans-national tax crime," the IRS has revealed.

February 20, 2020
Tax
By Helen Burggraf

Fresh from DC court triumph, tax lawyer Silver unveils plans for road trip

Weeks after a U.S. District Court in Washington, D.C. ruled in his favor by denying a U.S. government effort to prevent him from legally challenging a key component of President Trump's December 2017 tax reform legislation, Tel Aviv-headquartered U.S. tax attorney Monte Silver has unveiled plans to undertake a global road trip,…

January 16, 2020
Tax
By staff writer

Acting National Taxpayer Advocate calls for IRS 'culture shift' as annual report released

In her 2019 Annual Report to Congress, acting National Taxpayer Advocate Bridget Roberts said the U.S. IRS needed to significantly raise its game with respect to the way it carries out its role as the nation's tax collecting agency. But to "truly transform the organization" – which, she noted in…

January 10, 2020
Tax
By Helen Burggraf

U.S. Expat Tax Conference set for later this month in Toronto

Independent tax professionals from across Canada and elsewhere will come together later this month in Toronto, at a two-day, CPD-accredited “U.S. Expat Tax Conference”.

January 8, 2020
Tax
By staff writer

SECURE Act: American expats, experts struggle to grasp impact of latest end-of-year Trump bill

In the final days of 2017, President Trump signed into law a major overhaul of the U.S. tax code, the so-called Tax Cuts and Jobs Act, that contained major, life-changing elements for many American expat small business owners in particular.

January 1, 2020
Tax
By Helen Burggraf

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…

December 28, 2019
Tax
By Helen Burggraf

U.S. District Court denies IRS effort to get it to dismiss legal Transition Tax challenge – on Xmas Eve

A U.S. District Court in Washington, D.C. said on Tuesday that it "reject[ed]" claims by the Internal Revenue Service that Tel Aviv-headquartered U.S. tax attorney Monte Silver and his fellow plaintiffs "lacked standing" to challenge a key component of President Trump's December 2017 tax reform legislation, as it applies to controlled…

December 24, 2019
Tax
By Helen Burggraf

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…

December 16, 2019
Tax
By Helen Burggraf

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ACA podcast No. 2: Gov't Accountability Office FATCA report, and targeting of 'tax avoidance enablers'

"Material omissions" from a major U.S. Government Accountability Office report on FATCA earlier this year, along with warnings about an apparently growing trend by tax authorities to target tax advisers as well as their clients when prosecuting alleged tax evasion cases, are among the topics addressed in the American Citizens Abroad's…

December 12, 2019
Tax
By Helen Burggraf

U.S. Treasury, IRS issues final regs on Base Erosion and Anti-Abuse Tax, Foreign Tax Credits

The Internal Revenue Service and the Treasury Department published their final regulations covering two major international tax provisions, the Base Erosion and Anti-abuse Tax (BEAT) and Foreign Tax Credit, both of which had been addressed in President Trump's Tax Cuts and Jobs Act.

December 6, 2019
Tax
By staff writer

IRS Assoc Chief Counsel's office reported investigating alleged erroneous Form 3520-A penalties

A months-long campaign aimed at calling attention to allegedly erroneous and disproportionate penalty notices that the U.S. Internal Revenue Service had been issuing, spearheaded by a Minnesota-based certified public accountant who bravely came forward to detail how five of his overseas clients had been hit with such notices, appears to have…

December 5, 2019
Tax
By Helen Burggraf

Richardson, to Canadian radio talk show hostess Danielle Smith: U.S. FATCA info requirements ‘incredibly intrusive’

In an appearance on a well-known Canadian radio talk show on Friday, Toronto lawyer John Richardson explained how U.S. regulations that require Canadian (and other non-U.S.) banks and financial institutions to report to the Internal Revenue Service on their American account holders work, and described them as "incredibly intrusive".

November 18, 2019
Tax
By staff writer

Tax

Tax experts critical of, and/or baffled by, new IRS effort to exempt some foreign trusts from info reporting

Frozen bank accounts latest: Dutch MPs submit questions on 'accidental American' issues to Treasury officials

U.S. Treasury belatedly reveals 'regulatory reform' talks with EU

IRS officials meet 'J5' counterparts in Sydney to discuss joint 'tax crime' enforcement

Fresh from DC court triumph, tax lawyer Silver unveils plans for road trip

Acting National Taxpayer Advocate calls for IRS 'culture shift' as annual report released

U.S. Expat Tax Conference set for later this month in Toronto

SECURE Act: American expats, experts struggle to grasp impact of latest end-of-year Trump bill

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

U.S. District Court denies IRS effort to get it to dismiss legal Transition Tax challenge – on Xmas Eve

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

More...

ACA podcast No. 2: Gov't Accountability Office FATCA report, and targeting of 'tax avoidance enablers'

U.S. Treasury, IRS issues final regs on Base Erosion and Anti-Abuse Tax, Foreign Tax Credits

IRS Assoc Chief Counsel's office reported investigating alleged erroneous Form 3520-A penalties

Richardson, to Canadian radio talk show hostess Danielle Smith: U.S. FATCA info requirements ‘incredibly intrusive’

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Acronyms

'Accidental Americans' group launches 'major' letter-writing campaign targeting Congressional Dems

UK MP vows to continue speaking out on behalf of ‘accidental Americans’ living in Britain

Call for expats to be included in U.S. coronavirus relief efforts, as citizenship-based tax regime faces test

Congressman Holding to discuss ‘Tax Fairness for Americans Abroad’ bill in London in April

U.S. Citizenship and Immigration Services to close all but seven of its overseas offices

Charles Schwab telling clients in UK, Europe their accounts must move or be transferred by year’s end

‘Dem sponsor needed’ for expat tax fairness bill, Rep. Holding tells London gathering

U.S. government report acknowledges problems with FATCA reporting

Accidental Americans latest: French banks warn of potential need to close 40,000 accounts

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