House Ways & Means' Bill Pascrell: ‘Swiss cheese’ tax code loophole language could use an overhaul

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.

ACA: Statement for the record, in connection with Ways & Means Oversight Subcommittee hearing on the 2022 tax filing season

U.S. Internal Revenue Service Commissioner Charles Rettig may have focused on Homeland tax issues during a House Ways and Means Oversight Subcommittee hearing on "the 2022 Filing Season" last month, as reported. But interested stakeholders were invited to submit written comments for inclusion in the hearing record, and among those to do so – and in so doing, introducing the tax-filing issues currently facing millions of U.S. taxpayers who live overseas – was the American Citizens Abroad, the Washington, D.C.-based advocacy organization. 

Eden Woon to succeed Tara Joseph at AmCham Hong Kong

Eden Woon, a U.S. citizen who is president of the Asian Institute of Technology (and who also happens to be fluent in both Mandarin and Cantonese), will succeed Tara Joseph as president of the American Chamber of Commerce in Hong Kong, AmCham HK has announced.

The change will take place on Sept. 1, when Joseph's five year term is set to end, the organization said in a statement.

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News of bank being required to pay damages for FATCA error seen potential new disincentive for banks to accept U.S. citizen clients

News that a French bank has been ordered to pay damages to a Canadian client whom it had erroneously thought to be American, and whose details it had thus transferred to the U.S. under FATCA, is being seen by some in the American expat community as yet another reason that banks and other financial services businesses may become even more wary of accepting American expats as clients going forward.

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FBARs (FinCEN Form 114s), Form 8938s and Form 8966s: not just one but three ways Uncle Sam monitors Americans’ overseas holdings

FBARs (FinCEN Form 114s), Form 8938s and Form 8966s: not just one but three ways Uncle Sam monitors Americans’ overseas holdings

More American expats are familiar these days than they used to be with Foreign Bank Account Reports (“FBARs”), aka FinCEN Form 114s – which need to be filed by American...