Tax

Switzerland suspends automatic exchange of info with Bulgaria in wake of data leak

Switzerland's Federal Council has announced that it has "decided to immediately suspend the automatic exchange of financial account information (AEOI) with Bulgaria" due to what it called "a problem with the country's data security" – a reference to the revelation earlier this year that the personal data of some 5 million…

October 7, 2019
Tax
By staff writer

'Gwen and Kazia' launch appeal to July FATCA ruling in Canadian court

Two dual Canadian/U.S. citizen plaintiffs in a long-running legal effort to block Canada’s implementation of the U.S.’s Foreign Account Tax Compliance Act have launched an appeal in Canadian Federal Court in Ottawa, after their most recent attempt to challenge the law was dismissed in July.

October 1, 2019
Tax
By Helen Burggraf

Nine additional speakers added to DAUK Tax Day line-up

Nine additional speakers – including American Citizens Abroad's legal counsel Charles Bruce, Dunhill Financial's Brian Dunhill, and Waverton Investment Management director Andrew Vaughan-Payne – have been added to the line-up for the Democrats Abroad U.K.'s first-ever "Tax Day" next month.

September 26, 2019
Tax
By staff writer

Menno Snel, Finance Secretary, Netherlands

Dutch tax minister: U.S. won't take immediate action against banks over FATCA info shortcomings

Dutch tax minister Menno Snel has said that his country's banks and financial institutions should not feel a need to panic over those of their so-called "accidental American" account-holders who lack U.S. Social Security numbers and other key data soon to be required by the U.S. tax authorities, as he…

September 25, 2019
Tax
By Helen Burggraf

U.S. and Switzerland tax deal finally ratified after Congress finally approves it

The U.S. Treasury Department on Friday announced that a long-in-the-works tax treaty with Switzerland has at last been signed and has entered into force, alongside a tax deal with Luxembourg.

September 21, 2019
Tax
By staff writer

Democratic NYC Congresswoman Maloney re-introduces two bills to help Americans abroad

Carolyn Maloney, a New York City member of the House of Representatives who is co-chair of the House's Americans Abroad Caucus, today has reintroduced a piece of legislation similar to the "Same Country Exemption" that the American Citizens Abroad, a Rockville, Maryland-based advocacy group, has been calling for since 2015.

September 17, 2019
Tax
By Helen Burggraf

Lawsuit in UK to challenge legality of British gov't's data-sharing under FATCA

An American who came to the UK 19 years ago, and who was stunned to receive a letter from her bank in 2016 informing her of her U.S. tax obligations and that her account data would be shared with the Internal Revenue Service – as required by the U.S. Foreign…

September 12, 2019
Tax
By Helen Burggraf

American Citizens Abroad responds to IRS 'procedures' with re-issue of call for Same Country (FATCA) Exemption

The American Citizens Abroad has officially welcomed the U.S. Internal Revenue Service's announcement last Friday of a set of "new procedures" that it said would enable "certain" expatriates to avoid key taxes normally associated with renouncing, but renewed its call for a "Same Country Exemption" to the FATCA regulations – which are…

September 10, 2019
Tax
By Helen Burggraf

American Citizens Abroad unveils online 'tax fairness' campaign to urge Congressional hearings

The American Citizens Abroad has unveiled a major online campaign it says is aimed at ensuring U.S. lawmakers hold hearings this fall on the “wide range of tax compliance issues” currently affecting Americans resident overseas – including the Tax Fairness for Americans Abroad Act.

September 6, 2019
Tax
By Helen Burggraf

Record penalties sought in California in latest major FBAR case

The U.S. Internal Revenue Service is seeking what is said to be a record US$119.6m in penalties over what it has claimed in California district court documents were violations of the FBAR regulations, which require Americans to disclose their overseas financial accounts above a certain amount each year.

August 29, 2019
Tax
By Helen Burggraf

U.K. MP seeks to draw Boris Johnson into 'accidental American' debate

Preet Kaur Gill, a British Labour Party member of Parliament from the greater Birmingham area, has formally asked British Prime Minister Boris Johnson to detail his plans with respect to standing up for so-called "accidental Americans" living in Britain – as he was himself, until renouncing his citizenship in 2016…

August 11, 2019
Tax
By Helen Burggraf

More...

IRS large biz division unveils new compliance campaign seen to potentially ensnare expat individuals

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.

August 3, 2019
Tax
By staff writer

IRS letter campaign puts cryptocurrency investors on notice

The U.S. Internal Revenue Service has begun sending "educational letters" to U.S. taxpayers who have been engaging in "virtual currency transactions" and whom it says either "potentially failed to report income and pay the resulting tax" they were seen to owe on certain of these virtual currency transactions, or failed to "report their…

July 27, 2019
Tax
By Helen Burggraf

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

The head of the French Banking Federation has formally warned France's finance minister that the country's banks may be forced to close as many as 40,000 bank accounts by the end of the year, owing to problems these banks have in complying with the U.S. tax information reporting law known…

July 25, 2019
Tax
By Helen Burggraf

Canadian court is latest to reject FATCA legal challenge

A Federal Court in Ottawa on Monday dismissed the latest legal effort by two dual Canadian/U.S. citizens to block Canada’s implementation of the U.S.’s Foreign Account Tax Compliance Act, dealing a blow to thousands of Americans with dual citizenship and consequent tax obligations not just in Canada but, supporters of…

July 23, 2019
Tax
By Helen Burggraf

Tax