Senate Democrats have unveiled a revamped version of their plans to require U.S. banks to report their customers' account information to the Internal Revenue Service on a regular basis, in response to significant opposition from Republican lawmakers, the banking industry and U.S. taxpayers.
Republican Senator Mike Crapo of Idaho, who delivered a 15 minute speech earlier this week to the Senate in which he called for its members to "loudly reject" what he called the "intrusive IRS reporting regime" that the Democratic Administration had proposed, on Wednesday again spoke out, calling for the publication of "details about what is being publicly marketed as a 'new approach' to the Administration's financial reporting regime".
Let's Fix the Australia/U.S. Tax Treaty!, a Brisbane, Australia-based advocacy organization that was founded in 2016 to call for what it says is an urgently-needed revision of the existing Australia/U.S. tax agreement, is calling on American expats in Australia to respond to a call by the Australian government for stakeholder comments ahead of its planned overhaul Australia's international tax treaty network.
Expat American wealth adviser Brian Dunhill, French property expert Adrian Leeds, and American Citizens Abroad executive director Marylouise Serrato will discuss some of the key things an American considering moving to France (or already there) ought to know, in a free Zoom webinar scheduled to take place this coming Wednesday (Oct. 27).
U.S. taxpayers may now claim a "reasonable cause" defense in the event they've been hit with a penalty in connection with a tax matter for which they had "reasonably and in good faith" relied on any IRS-published FAQs (frequently-asked-questions) that has to do with new tax legislation, the IRS has announced.
A Republican member of the House Ways and Means Committee has introduced legislation that would block the Biden administration's controversial plan to require U.S. banks to report their customers' account information to the Internal Revenue Service annually, citing "strong concerns" about the proposed legislation's possible effects on taxpayers' "privacy, the IRS's ability to safeguard private bank account information, and undue burdens on families and small businesses."
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 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
