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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Ahead of Christmas exodus, ACA reiterates importance of passports for Americans resident abroad

Fourteen days before Christmas, as American expats around the world were beginning to pack their bags and return to the States to celebrate the holidays with their families, the American Citizens Abroad formally reiterated its concern about a recent decision by the IRS to row back on a "temporary suspension" of a regulation that permits the government to revoke or deny U.S. passports to Americans "with open National Taxpayer Advocate Services cases".

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ACA podcast No. 2: Gov't Accountability Office FATCA report, and targeting of 'tax avoidance enablers'

"Material omissions" from a major U.S. Government Accountability Office report on FATCA earlier this year, along with warnings about an apparently growing trend by tax authorities to target tax advisers as well as their clients when prosecuting alleged tax evasion cases, are among the topics addressed in the American Citizens Abroad's second monthly podcast, which went live earlier this week.

Growing FATCA, CRS scrutiny on wealth ownership, transfers between Israel, U.S. and LatAm: Report

Growing global enforcement of two major anti-tax-evasion regulations – America's Foreign Account Tax Compliance Act, and the OECD's almost-identical Common Reporting Standard – has begun to impact financial institutions and their clients in Mexico and LatAm generally who also have ties to Israel and, in some cases, the U.S., the Jerusalem Post newspaper  has reported. 

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Opinion

Tax Foundation: Joe Biden’s plan to address 'offshoring' comes with contradictions 

Tax Foundation: Joe Biden’s plan to address 'offshoring' comes with contradictions 

Last week, American voters – and business executives, onshore and abroad – finally got a look at Democratic presidential candidate Joe Biden's thoughts about how he planned to change the...

Sep-16-2020