Much has been written and spoken about the Internal Revenue Service's new "Relief Procedures for Certain Former Citizens" regime since it was unveiled earlier this month – apparently to enable mostly "accidental Americans" who have relinquished their U.S. citizenship, or are hoping to, the chance to easily and cheaply enter into U.S. tax compliance.
On September 6, the U.S. Internal Revenue Service introduced an enhanced streamline program aimed at enabling “certain former citizens” to extract themselves more easily than has been the case till now, from American citizenships that they never used and typically, only found out about recently...
Here, Kevin E. Packman, a partner with the Holland & Knight law firm in Miami, Florida, who specializes in tax and citizenship issues, considers the merits of the new Relief Procedures.
As this and other media organizations have been reporting in recent months, Europe's banks are becoming increasingly aware of an approaching Dec. 31 deadline, after which they will be obliged to comply with an element of the 2010 U.S. law known as the Foreign Account Tax Compliance Act (FATCA) that obliges them to give the U.S. the "Tax Information Number" of all of their American account-holders...
Last week, National Taxpayer Advocate Nina Olson retired from the role she held for 19 years. During this time, the IRS, of which the National Taxpayer Advocate's office is a part, adopted hundreds of her recommendations, and Congress introduced dozens of bills to implement others, 15 of which were signed into law, according to published accounts of Olson's legacy....
It is perhaps not surprising to hear that non-U.S. (or "foreign") trusts with U.S. owners can be tricky...
Last week, it was revealed that British Labour MP Preet Kaur Gill had received her second formulaic and non-committal response in two months to specific questions she had asked the UK government on behalf of one of her “accidental American” constituents.
