While some cities, countries and jurisdictions are beginning to relax their lockdown rules somewhat, travel bans and other restrictions continue to prevent people from being able to meet up in anything like the way they would have in the days before the global Covid pandemic took hold last year...
In the latest in a series of cases that experts say has potentially major repercussions for expatriate Americans, a U.S. District Court in California has ruled that the penalty for a so-called "non-willful" failure to file foreign bank account reports (FBARs) should be calculated on a "per-FBAR", annual form basis, rather than for each bank account held by the American taxpayer in question outside the U.S.
President Trump's 2017 overhaul of the U.S. tax system, known as the Tax Cuts and Jobs Act, appears destined for its own major overhaul, to judge by the prepared statements of a succession of the Democratic Party's top lawmakers that were delivered during a two-and-a-half-hour Senate Finance Committee hearing on Thursday.
The U.S. Senate's Finance Committee today will hear from a number of experts on how the country's "international tax policy" is impacting U.S. workers, jobs and investment, during a "virtual hearing" scheduled to begin today at 9:30am Washington time (1:30pm GMT).
U.S. multinational companies paid significantly less U.S. corporate taxes in the wake of the coming into force of President Trump's 2017 Tax Cut and Jobs Act, both domestically and abroad, according to a report published last week by the congressional Joint Committee on Taxation.
American expats and spokespeople for organizations representing them have been asking questions about the scale of U.S. expat data being forwarded to the U.S. under the Foreign Account Tax Compliance Act, after the latest Canadian Revenue Agency (CRA) report of such data revealed that around two thirds of the accounts sent actually fell below the US$50,000 FATCA reporting minimum threshold.
American households accounting for the top 1% in annual income are managing to avoid significantly more in income taxes than had been previously assumed, a research paper due to be released later today by the Internal Revenue Service and academics will reveal.
As we reported here last week, the U.S. Senate Finance Committee held a hearing last month on “How U.S. International Tax Policy Impacts American Workers, Jobs, and Investment." Many in...
Apr-06-2021
