IRS to non-U.S. banks: 'You don't need to close accounts of Americans whose TINs you don't have after all'

Under pressure from European banks in particular, the U.S. Internal Revenue Service has issued clarification with respect to a FATCA requirement that "foreign financial institutions" be obliged to provide the so-called Tax Information Numbers of their American clients from January, 2020 onward, which tax experts say means that banks now won't have to close the accounts of their TIN-lacking "accidental American" clients at the end of this year.

  • Tax

Andersen analysis: IRS virtual currency guidance clarifies tax treatment of 'hard forks' and 'airdrops'

Will a 'hard fork' result in gross income, and a reporting obligation for the U.S. taxpayer owner of the virtual currency subject to that 'fork'?

As reported, the U.S. Internal Revenue Service recently released some long-anticipated guidance on this and other questions, addressing how those subject to U.S. taxation should report their cryptocurrency assets and transactions.

Here, Joe Gill – a New York-based managing director in Andersen's U.S. National Tax office – shares his thoughts on the latest IRS guidance...

  • Tax

Comment: Is the new IRS 'Relief Procedures' initiative really better than existing options?

On September 6, the U.S. Internal Revenue Service introduced an enhanced streamline program aimed at enabling “certain former citizens” to extract themselves more easily than has been the case till now, from American citizenships that they never used and typically, only found out about recently...

Here, Kevin E. Packman, a partner with the Holland & Knight law firm in Miami, Florida, who specializes in tax and citizenship issues, considers the merits of the new Relief Procedures.

Sri Lankan politician, media join those asking questions about U.S. renunciation data

A Sri Lankan presidential candidate whose name failed to appear on the U.S. government's quarterly list of individuals who have renounced their citizenship is inadvertently drawing attention to a question many Americans and former Americans have been asking for years – which is why it can take months for renunciants' names to appear on the list. 

  • News

Taxpayer Advocacy Panel's expat rep to expats: 'Let's work together'

Last week, National Taxpayer Advocate Nina Olson retired from the role she held for 19 years. During this time, the IRS, of which the National Taxpayer Advocate's office is a part, adopted hundreds of her recommendations, and Congress introduced dozens of bills to implement others, 15 of which were signed into law, according to published accounts of Olson's legacy....

Monte Silver counters IRS ‘dismiss’ motion in U.S. Court

Israel-based U.S. tax attorney Monte Silver has formally countered the Internal Revenue Service’s motion earlier this month to dismiss his and his company's ongoing lawsuit that challenges a key component of President Trump's December 2017 tax reform legislation.

  • News
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Opinion

INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

First, U.S. investors living in Europe had to face FATCA. Now it’s the EU’s Markets in Financial Instruments Directive (MiFID II).  Here, Jonathan Lachowitz, of Lexington, Massachusetts-based White Lighthouse Investment Management...

Nov-20-2019