U.S. District Court denies IRS effort to get it to dismiss legal Transition Tax challenge – on Xmas Eve

A U.S. District Court in Washington, D.C. said on Tuesday that it "reject[ed]" claims by the Internal Revenue Service that Tel Aviv-headquartered U.S. tax attorney Monte Silver and his fellow plaintiffs  "lacked standing" to challenge a key component of President Trump's December 2017 tax reform legislation, as it applies to controlled foreign corporations. 

Silver called the ruling a "massive win" for him and other small business owners impacted by Trump's Tax Cuts and Jobs Act, because it meant that his potentially "precedent-setting case" can now go ahead. 

BREAKING: Happy Holidays

This is just to wish our readers a lovely and restful end-of-year-holiday, wherever they are in the world and however they celebrate it, and a Happy (and IRS penalty-free) New Year in 2020. 

Bruce Zagaris: GAO report demonstrates that U.S. 'must reform foreign asset reporting'

On April 1, the U.S. Government Accountability Office published a report detailing what it said was the long-overdue need for the government to take action on foreign asset reporting. The report, entitled "Foreign Asset Reporting: Actions Needed to Enhance Compliance Efforts, Eliminate Overlapping Requirements, and Mitigate Burdens on U.S. Persons Abroad” (GAO-19-180), was addressed to members of Congress.

Potentially significant error in 2018 IRS tax guide for 'certain married taxpayers filing separately' in Expatland

An IRS tax guide published in January of this year and intended for "U.S. citizens and resident aliens who work abroad or who have income earned in foreign countries" contained a major error that has only now come to light, and which "may have caused certain married taxpayers filing separately to fail to file" a tax return that in fact they should have, acting National Taxpayer Advocate Bridget T. Roberts said on Friday. 

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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TAP's Laura Snyder, to all overseas U.S. taxpayers: 'Now's your chance to tell the IRS what needs fixing'

TAP's Laura Snyder, to all overseas U.S. taxpayers: 'Now's your chance to tell the IRS what needs fixing'

Laura Snyder, as we noted earlier this year, is the sole overseas member of a grass roots volunteer advisory organization known as the Taxpayer Advocacy Panel that works – alongside...