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.
A U.S. tax law specialist based in Israel is calling for those Americans abroad and in the U.S. impacted by Washington’s recently-introduced Repatriation/GILTI tax regime to let the U.S. Treasury and IRS know of their concern by October 7 – anonymously.
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.
A panel discussion that will consider recent and growing efforts to convince U.S. lawmakers to end America’s increasingly-unpopular “citizenship-based” tax regime is set to take place at a venue in the Mayfair district of London, on the 18th of September.
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.
A panel of tax and business experts who have been lobbying for years to end the U.S.’s citizenship-based tax regime has said they believe planned legislation – specifically aimed at addressing some of the worst of the problems such expats have been struggling with – actually stands a chance of being passed.
In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...
Mar-18-2023
