The notoriously cash-strapped Internal Revenue Service is expected to look for help in filling its coffers next year and beyond from Foreign Trust tax forms 3520 and 3520-A – two information-reporting tax forms that are already familiar to U.S. tax experts for their complexity – a well-known tax specialist has said.
A senior Washington, DC official’s recent opinion piece for the Washington Examiner newspaper, which calls on the U.S. State Department to “stop Eritrea’s illegal ‘diaspora tax’ in the U.S.”, has told the American Expat Financial News Journal that it would be wrong to attempt to compare the Eritrean tax in question with the way the U.S. taxes its expat citizens.
Although 2020 is still set to be the peak year for U.S. citizenship renunciations, the latest list of quarterly renunciants' names – published yesterday – contains fewer than a third of the numbers published in both the first and second quarters of this year.
Partners Wealth Management, a London wealth management firm that specializes in looking after high-net-worth clients, including American expats, has named two experienced wealth managers to join the firm as partners, as it expands its international operations.
A survey of U.S. residents has found 16% say they "would consider leaving" the U.S. if the presidential candidate they support looses the election next week, up from 9% in 2016.
The struggles being faced by so-called accidental Americans, who are being told that they risk losing their bank accounts in the countries in which they live and are citizens, unless they formalize or take steps to renounce their U.S. citizenship – which they only recently discovered they are deemed to possess – has been covered by a Washington Post journalist.
Stop Extraterritorial American Taxation, or SEAT, is the name of a new education and advocacy organization that's been formed by a half a dozen individuals who are already well known in the community of Americans living overseas.
As part of its launch, the international not-for-profit group, which is based in France and headed by lawyer and Taxpayer Advocacy Panel member Dr. Laura Snyder, is unveiling a survey it says is "aimed at learning more about how persons living outside the United States experience the extraterritorial application of U.S. taxation and banking policies".
Nov. 3, the date of the 2020 U.S. presidential election, is two weeks and one day away. Many expats will have voted by now, but for those who haven't –...
Oct-19-2020
