Thanks to its implementation of the 2010 tax evasion prevention law known as FATCA, the U.S. is now "a hypocrite on international financial crime," Bloomberg, the major global media organization based in New York, has said, in an Editorial Board opinion piece it published on Friday.
The Democrats Abroad has announced that it has joined the Residence-Based Taxation Coalition, a lobbying organization launched in January with a single goal: persuading U.S. lawmakers to move the U.S. to a residence-based tax regime, like most of the rest of the world's countries have.
American expatriates who say they've been frustrated by the unwilllingness of either of the two major U.S. political parties to take their issues on board are pointing to the recent emergence of at least three new political parties in the U.S. as a reason to be hopeful that their voices might at last begin to be heard.
Proposed regulations that would require U.S. banks to report their customers' account information to the Internal Revenue Service on a regular basis have been widely criticized in the U.S., not just from the bankers who would be required to gather and forward the huge volumes of data that would be involved, but from consumers themselves, according to media reports.
Saving for one's retirement is never easy; life is expensive, and time flies.
But as a survey of more than 400 U.S. expats, carried out last October and November by the Association of Americans Resident Overseas (AARO) reveals, it's particularly difficult for Americans who are living outside of the U.S., who struggle with a range of issues, including retirement account providers suddenly deciding that they no longer wish to service American expatriate clients.
Mayfair, London-based Tilney Smith & Williamson, a wealth manager that can trace its roots back to the 1830s, has named Adam Smith – an experienced, dual-qualified U.S. and UK tax adviser – to the role of partner in its professional services business, as it prepares to begin building up what it calls "a new U.S./UK transatlantic tax team" at the firm.
Oct. 15 is the final, final due date for Americans to file their U.S. tax returns with the IRS in 2021.
With this all-important deadline just hours away, we thought it worth asking, on behalf of those expat Americans who still haven't filed their 1040s, what they can, or should, be doing now...
The world – including its banks, cross-border financial services institutions and even many governments – has come a long way since the Richard Murphy and others founded the Tax Justice Network in around 2003...
Oct-08-2021
