Tax

American expatriate lawyer sues IRS, U.S. Treasury over 'Transition Tax'

An American citizen living in Israel has filed a lawsuit against the U.S. Internal Revenue Service and Treasury Department, challenging a key component of President Trump's December 2017 tax reform legislation, as it applies to controlled foreign corporations.

February 2, 2019
Tax
Written by Helen Burggraf

Long-awaited Canada FATCA trial kicks off on Monday, with 'live webcast'

A trial in which a group of Canadian/American citizens are seeking to challenge the constitutionality of the Canadian government's enforcement of America’s FATCA legislation is set to begin on Monday in a federal courthouse in Vancouver, British Columbia, and will be broadcast live via a "webcast", according to sources involved…

January 25, 2019
Tax
Written by Helen Burggraf

Democrats Abroad in survey of U.S. non-residents ‘impacted by tax obligations’

The Democrats Abroad, which represents members of the U.S. Democratic Party who are resident overseas, has launched a major research project it says is aimed at gathering information it plans to use in its efforts to reform the way American expats are currently taxed.

January 25, 2019
Tax
Written by staff writer

Suit challenging legality of 'Transition Tax' planned, amid reports final draft issued

Sources representing the interests of expatriate American owners of small non-U.S. businesses say they're preparing to go ahead with a lawsuit they say will challenge the applicability to small businesses of a key component of President Trump’s December 2017 tax reform legislation, the so-called Tax Cuts and Jobs Act (TCJA).

January 21, 2019
Tax
Written by Helen Burggraf

FBAR filing season officially open for U.S. expats (including duchesses)

The U.S. government may still be largely shut down, but non-U.S. resident Americans who have U.S. tax reporting obligations may now be able to kick off the 2018 reporting season by filing their 2018 Foreign Bank Account Reports, as the official FBAR exchange rates have just been published.

January 17, 2019
Tax
Written by Helen Burggraf

ACA issues detailed explanation of 'Tax Fairness' legislation

The American Citizens Abroad says tax legislation introduced on Capitol Hill last month that aims to address the tax problems U.S. expats currently face is a start, which would begin the transition from the country's current citizenship-based tax regime to one that allowed for U.S. citizens to be taxed on…

January 10, 2019
Tax
Written by Helen Burggraf

Kevin Brady publishes draft of proposed TCJA corrections, seeks feedback

Outgoing House Ways and Means Committee chairman Kevin Brady yesterday appeared to respond to concerns that President Trump's Tax Cuts and Jobs Act – signed into law in late December 2017 – set the stage for a number of unintended and potentially damaging consequences, with the publication of a discussion draft…

January 3, 2019
Tax
Written by staff writer

Glimmer of hope seen in IRS proposal to tweak FATCA regs

After more than eight years of lobbying Congress and the White House, opponents of the 2010 Foreign Account Tax Compliance Act are cautiously welcoming news that the Internal Revenue Service has issued a proposal to make major changes in that legislation and certain other reporting requirements that have made life…

December 14, 2018
Tax
Written by Helen Burggraf

IRS updates regs for handling taxpayers with undisclosed offshore funds

The Internal Revenue Service has updated its guidance for the handling of U.S. taxpayers who come forward with previously-undisclosed funds, and in the process introducing, as it said it would, a tougher approach.

December 5, 2018
Tax
Written by Helen Burggraf

Concern as Brady tax bill fix legislation lacks called-for fixes for US expats

Spokespeople for a number of organizations representing American expats have expressed concern that legislation unveiled earlier this week by House Ways and Means Committee chairman Kevin Brady fails to address certain aspects of President Trump's Tax Cuts and Jobs Act (TCJA) of last December that have been particularly harsh for…

November 29, 2018
Tax
Written by Helen Burggraf

Expat tax experts Richardson, La Torre Jeker go looking for ‘Mr FBAR’

Looking for Mr Goodbar was a 1975 book, made into a film two years later, about a New York City schoolteacher who ended up being murdered by a young man she’d just met. “Mr FBAR,” on the other hand – and of rather more relevance here – is an Expatland…

November 19, 2018
Tax
Written by Helen Burggraf

More...

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.

November 18, 2018
Tax
Written by Helen Burggraf

EVENTS: Tax and investing/financial planning webinars on offer for U.S. expats

On the 18th of November the Democrats Abroad UK will be hosting a webinar that it says will offer viewers "the basics of U.S. tax filing requirements" specifically aimed at Americans living abroad. Those who wish to watch it later, on demand, may do so, by paying a small fee…

November 11, 2018
Tax
Written by staff writer

American expat group reiterates ire over Trump ‘Transition Tax’ at hearing

The American Citizens Abroad yesterday reiterated its strong objections to a key measure contained in President Trump’s recent Tax Cuts and Jobs Act, at an IRS and Treasury Department hearing.

October 23, 2018
Tax
Written by staff writer

YouTube video of London tax event features Yue, Richardson, Treitel, Grossman

A video of a seminar held last month in London, which focused on legislative efforts currently under way in Washington to address the significant tax problems currently facing many American expatriates, has been posted on YouTube.