A deadline of October 9 has been set for Americans who have been adversely impacted by the 2017 Tax Cuts & Jobs Act to tell Congress of their experiences.
The U.S. has announced it is extending the right to qualify for the Foreign Earned Income Exclusion (FEIE) to U.S. citizens and resident aliens who can demonstrate that they have supported the U.S. Armed Forces in designated combat zones, even if their “abode", or tax home, were in the United States rather than abroad.
United States prosecutors registered their first-ever successful prosecution under the Foreign Account Tax Compliance Act, after the former chief executive and chief business officer of a St Vincent and the Grenadines-based bank pleaded guilty to "conspiring to defraud the United States by failing to comply" with the legislation.
The Channel Island of Jersey has become the latest financial services jurisdiction to introduce so-called Limited Liability Companies (LLCs) legislation, in a bid to boost its appeal to such U.S. financial services entities as fund managers and financial institutions.
Over the last few months, details have begun to emerge about soon-to-be-introduced legislation aimed at making the U.S. tax regime less unforgiving for the 9 million Americans estimated to live overseas, growing numbers of whom say they feel they now have no choice but to renounce their U.S. citizenships.