U.S. Supreme Court declines to hear FBAR plea of Boston-area gran, 82
Experts say refusal to hear case raises questions as to
whether civil penalties might ever be deemed
to violate Eighth Amendment...
American Expat Finance
Chuck Rettig and Nina Olson to consider 'The Future of IRS Funding' in free webinar
Charles Rettig, whose four years as commissioner of the IRS quietly came to an end on Nov. 12, will join former National Taxpayer Advocate Nina Olson next Wednesday (Feb. 1) in a Zoom webinar discussion about "The Future of IRS Funding."
The event, which is the latest in Tax Analysts' regular series of "Taxing Issues" webinars, will take place between 2pm and 3pm Eastern Standard Time (7pm and 8pm GMT), and will also feature also feature Michael Desmond, a former IRS chief counsel and now a partner at Gibson, Dunn & Crutcher.
Accidental Americans' District Court moment focuses on expatriation fees; costs; constitutional issues
Exactly how much the U.S. government is justified in expecting American citizens looking to expatriate to pay to do so was extensively discussed and debated during yesterday's hearing in Washington, D.C.'s E. Barrett Prettyman District Courthouse, by the legal teams representing both sides in a two-year-long legal challenge of the current U.S. citizenship renunciation regime.
U.S. gov't announces intent to slash citizenship renunciation fee by four-fifths, ahead of Monday hearing
In one of the most potentially significant moves thus far by the U.S. government aimed at helping so-called "accidental Americans" and other expats who have been struggling since 2010 with their tax reporting obligations, the U.S. State Department has announced its "intent" to reduce the fee it charges those seeking to renounce their citizenships to US$450, from its current US$2,350.
IRS issues 'temporary relief' (through 2024) for banks of 'accidental Americans' who lack TINs
The Internal Revenue Service has quietly announced that it is introducing "temporary U.S. Taxpayer Identification Number (TIN) relief" for non-U.S. banks and other "foreign financial institutions" located in certain countries, so that they won't be deemed to be in "significant non-compliance" of their obligations under the U.S. tax evasion-prevention law known as FATCA, because one or more of their apparently American citizen account-holders say they're unable to provide them with their U.S. taxpayer identification number (TIN).
Donald Trump held overseas bank accounts while president, just-released tax returns reveal
Former U.S. president Donald Trump held overseas bank accounts while he was in office – in Ireland, the UK and China, between 2015 and 2017 – various media organizations have been reporting today, as details of Trump's personal and business finances continued to emerge, in the wake of Friday's release of his tax returns after a years-long legal battle.
U.S. and Argentina agree FATCA IGA at last
(...but it's said no more reciprocal than other Model 1 IGAs)
Argentina has at last agreed a FATCA Intergovernmental Agreement (IGA) with the U.S. government, according to a statement on the website of the U.S. Embassy in Argentina, tax industry sources, and news reports in that country.
Until now, Argentina had not participated in the U.S. Foreign Account Tax Compliance Agreement program, which was signed into law in 2010, and came into force in 2014.
