EU revives issue of FATCA information exchange as year-end deadline for banks approaches

With less than two weeks until the end of the year – at which point banks and other financial institutions outside the U.S. have been told that they must supply so-called Tax Information Numbers of all their American clients, or potentially be in breach of the Foreign Account Tax Compliance Act – the European Union has formally urged the U.S. Treasury to urgently address "the problems faced by residents, financial institutions and governments of the EU Member States in relation to FATCA". 

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Ahead of Christmas exodus, ACA reiterates importance of passports for Americans resident abroad

Fourteen days before Christmas, as American expats around the world were beginning to pack their bags and return to the States to celebrate the holidays with their families, the American Citizens Abroad formally reiterated its concern about a recent decision by the IRS to row back on a "temporary suspension" of a regulation that permits the government to revoke or deny U.S. passports to Americans "with open National Taxpayer Advocate Services cases".

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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 second monthly podcast, which went live earlier this week.

Growing FATCA, CRS scrutiny on wealth ownership, transfers between Israel, U.S. and LatAm: Report

Growing global enforcement of two major anti-tax-evasion regulations – America's Foreign Account Tax Compliance Act, and the OECD's almost-identical Common Reporting Standard – has begun to impact financial institutions and their clients in Mexico and LatAm generally who also have ties to Israel and, in some cases, the U.S., the Jerusalem Post newspaper  has reported. 

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AmCham Hong Kong execs denied entry to Macau

The chairman and president of the American Chamber of Commerce in Hong Kong were denied entry to Macau on Saturday, as they sought to travel to an AmCham Macau event. Initial reports said they had been prevented from entering Macau – which like Hong Kong is a Special Administrative Region of China – in retaliation for American support of the Hong Kong Human Rights and Democracy Act (HKHR&DA), but on Monday Macau officials dismissed this.

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Opinion

'Dangerous liaisons': Foreign assets and their U.S. taxpayer nominees

'Dangerous liaisons': Foreign assets and their U.S. taxpayer nominees

For various reasons, people, including those with U.S. tax obligations,  have long taken advantage of the option to use so-called "nominees" to hold legal title to some of their non-U.S...

Dec-05-2019