News

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…

March 25, 2022
News

IRS Commissioner Rettig sticks mainly to domestic tax issues during Ways and Means subcommittee hearing...

... but says greater resources needed 'to follow cross-border money flows' American expats who tuned in last to last week's House Ways and Means Oversight Subcommittee hearing, in the hope of hearing IRS Commissioner Charles Rettig say something encouraging about plans to address their long-standing tax and FATCA-related issues, would have…

March 24, 2022
News

OECD seeks input on a proposed 'tax transparency framework' for crypto-assets

In the latest sign that governments are looking for ways to boost the monitoring of the wealth transference taking place across the rapidly-growing, global cryptocurrency network, the OECD on Monday released a public consultation document that it says is aimed at informing cryptocurrency industry stakeholders of the plans, as well as…

March 24, 2022
News

March 18, 2022: FATCA turns 12

Twelve years after President Obama signed the Foreign Account Tax Compliance Act into law – buried inside a domestic jobs bill known as the HIRE Act – legal and political challenges targeting certain of its key provisions are continuing to progress, albeit slowly, in various "hot spots" around the world. And…

March 18, 2022
News

Twelve years on: Just how well do you know your FATCA?

Without really meaning to, many American expatriates as well as tax industry experts, lawyers and others have become experts on the subject of FATCA over the past decade-plus that it's been around. So, as we did last year on this date, we thought it might be interesting to mark the…

March 18, 2022
Tax
By Helen Burggraf

Citi to set up new Costa del Sol 'hub' to lure junior analysts with 'work-life balance'

Citigroup, the New York-based, NYSE-listed, multinational banking company that's ranked among America's "Big Four" banking institutions, has said it is to establish a new "hub" in the popular Costa del Sol city of Málaga, in order to offer certain of its younger employees a better work-life balance.

March 18, 2022
News

Damian Barry, left, has joined MASECO Private Wealth, which is headquartered on the Strand in London's Mayfair district, right

Damian Barry joins MASECO Private Wealth as CIO

MASECO Private Wealth, the London-based wealth management firm which specializes in looking after high-net-worth American expats in the UK and Hong Kong, has named Damian Barry to the role of chief investment officer.

March 18, 2022
News

IRS reminder: Don't forget to report 'virtual currency transactions' on 2021 returns

The IRS has formally reminded U.S. taxpayers not to ignore a virtual currency question at the top of the tax returns they're currently preparing to file, for the 2021 tax year.

March 18, 2022
News

Charles Rettig, left, to participate in Oversight Subcommittee hearing Erin Collins, left, to address Oversight Subcommittee hearing

IRS Commissioner Rettig to appear before House Oversight Subcommittee hearing today

Charles P. Rettig, the chairman of the U.S. Internal Revenue Service since October, 2018, is due to participate in the latest hearing on U.S. tax issues by the House Ways and Means Oversight Committee, scheduled to take place today (March 17).

March 17, 2022
News

Jimmy Miller, in front of St. Basil's Cathedral, Red Square, Moscow

EXCLUSIVE: Baobab Wealth's Jimmy Miller shares his experiences of living in – and leaving – Moscow

When Americans who've never been to Moscow try to imagine what it must be like to live there, they typically envision a cold, bleak and unfriendly place, full of restrictions and constraints, says James ("Jimmy") Miller, the American founder and principal of Baobab Wealth Management, who, at least until the…

March 15, 2022
News

Alexandru Bittner is latest FBAR litigant to petition Supreme Court for definitive penalties ruling

Alexandru Bittner, who has been one of the most visible challengers of the United States' notoriously persecutory FBAR penalty regime in recent years, has now become the latest FBAR litigant to urge the U.S. Supreme Court to rule, once and for all, on the way non-willful FBAR penalties should be…

March 14, 2022
News