A brief statement by IRS Commissioner Charles Rettig yesterday, in support of the idea of the U.S. "reciprocating" with respect to the information it currently receives from foreign governments about the overseas bank and financial accounts of U.S. taxpayers – as a result of a 2010 law known as the Foreign Account Tax Compliance Act (FATCA) – has sparked widespread discussion and debate, particularly outside of the U.S.
"It's not that people plan to fail, it's that they fail to plan," is one of the favorite sayings of James ("Jimmy") Miller, the American founder and principal of Baobab Wealth Management, who, as he explained to the AXFNJ's John Richardson last month, had been living in Moscow, Russia, for the past four years, until the Russia invaded Ukraine at the end of February. At which point he, his wife and their young son were forced to race to join the thousands of other non-Russians who were hopping any plane they could get to leave the country...
Thun Financial, the Madison, Wisconsin-based wealth manager for U.S. expats that was acquired in 2020 by Creative Planning – one of the largest Registered Investment Advisory firms in the U.S. – is to adopt the Creative Planning name, but with the addition of the word "International" at the end, to reflect its role at the company.
In the latest development in long-running efforts by the France-based Association of Accidental Americans to compel the U.S. government to make life easier for its members and other "accidental Americans," the U.S. State Department has requested that a federal court dismiss a suit that the AAA filed last year, along with 11 individual plaintiffs, arguing that the government's suspension of voluntary expatriation services in U.S. embassies and consulates around the world was a violation of the U.S. constitution.
Tilney Smith & Williamson (TSW), a well-known London wealth manager that last October announced plans to introduce what it called "a new U.S./UK transatlantic tax team," has named Sarjul Patel to the newly-created role of U.S./UK Tax Director at the company, which is in the process of rebranding as Evelyn Partners.
A few days before President Biden's latest package of proposed changes to the existing U.S. tax regime – his so-called 2023 Green Book – was unveiled last month, Bloomberg Tax published a powerful opinion piece by Bill Pascrell Jr., chairman of the House Ways & Means Committee's Subcommittee on Oversight and a long-serving Democratic New Jersey member of the U.S. House of Representatives.
The American Expat Financial News Journal’s “Essential Financial Acronyms for Americans Living Abroad” is designed to help our fellow Yanks in Expatland to navigate the international seas of the financial...
May-05-2022
