Today, March 18, 2023, is the 13th anniversary of the signing into law of FATCA. And as we've done in the past, we're marking the Foreign Account Tax Compliance Act's 13th "birthday" today by sharing some of our favorite, impossible-to-resist questions about it, in order to test just how well we've all been paying attention.
We're doing this because we know only too well that, without really meaning to, many American expatriates as well as tax industry experts, lawyers and others have become experts on the subject of FATCA over the past 13 years it's been around...
Daniel "Danny" Werfel has at last taken his place as commissioner of the U.S. Internal Revenue Service, almost four months to the day after his predecessor, Charles "Chuck" Rettig, completed his four-year term.
Werfel's nomination was approved by the Senate earlier this month, by a bipartisan 54-42 margin, and becomes the agency's 50th commissioner. He was sworn office yesterday (March 13by IRS deputy commissioner for Services and Enforcement Doug O’Donnell, who has served as acting commissioner since November.
(...or possibly not...)
Regular watchers of the way U.S. officials have been prosecuting American taxpayers whom they deemed to have committed "non-willful" breaches of the government's so-called FBAR regulations didn't have to be asked twice for their thoughts on Tuesday's landmark U.S. Supreme Court decision that – at long last – finally established how penalties for such breaches are to be determined.
Little noticed last month – around two weeks before the U.S. Supreme Court's landmark ruling on Feb. 28 on how penalties for "non-willful" Report of Foreign Bank and Financial Accounts (FBAR) violations should be determined – a U.S. District Court in California issued another major ruling involving FBARs.
In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...