Tax

IRS large biz division unveils new compliance campaign seen to potentially ensnare expat individuals

A U.S. Internal Revenue Service announcement on July 19, by the agency’s “Large Business and International Division” (LB&I), of a new set of compliance initiatives, is attracting growing attention among overseas American tax experts because of its likely impact on expat U.S. citizens.

August 3, 2019
Tax
By staff writer

IRS letter campaign puts cryptocurrency investors on notice

The U.S. Internal Revenue Service has begun sending "educational letters" to U.S. taxpayers who have been engaging in "virtual currency transactions" and whom it says either "potentially failed to report income and pay the resulting tax" they were seen to owe on certain of these virtual currency transactions, or failed to "report their…

July 27, 2019
Tax
By Helen Burggraf

Accidental Americans latest: French banks warn of potential need to close 40,000 accounts

The head of the French Banking Federation has formally warned France's finance minister that the country's banks may be forced to close as many as 40,000 bank accounts by the end of the year, owing to problems these banks have in complying with the U.S. tax information reporting law known…

July 25, 2019
Tax
By Helen Burggraf

Canadian court is latest to reject FATCA legal challenge

A Federal Court in Ottawa on Monday dismissed the latest legal effort by two dual Canadian/U.S. citizens to block Canada’s implementation of the U.S.’s Foreign Account Tax Compliance Act, dealing a blow to thousands of Americans with dual citizenship and consequent tax obligations not just in Canada but, supporters of…

July 23, 2019
Tax
By Helen Burggraf

Get professional advice to avoid risk of a ‘Boris’, U.S. expats in U.K. warned

Boris Johnson, who today was named to succeed Theresa May as Britain’s prime minister, is well known to Londoners for myriad reasons, including having unofficially lent his name to a bicycle-sharing scheme (“Boris bikes”) that was launched in 2010, and with which he, a keen cyclist himself, was associated.

July 23, 2019
Tax
By Helen Burggraf

Above, some of the more than 150 Accidental Americans Association members who took part in a demonstration last November, during President Trump's visit to France

'Accidentels' reel but vow to fight on, as France's Conseil d'Etat rules in support of current FATCA regime

So-called "Accidental Americans" in France and elsewhere in Europe expressed disappointment, and in some cases dismay, after France's top administrative court ruled that the current regime under which France provides information to the U.S. under its controversial Foreign Account Tax Compliance Act could stand, and didn't need changing or to…

July 20, 2019
Tax
By Helen Burggraf

IRS responds to Transition Tax lawsuit with 'Motion to Dismiss'

The Internal Revenue Service has moved to dismiss a lawsuit brought five months ago by Israel-based U.S. tax attorney Monte Silver – which challenged a key component of President Trump's December 2017 tax reform legislation as it applies to controlled foreign corporations – on grounds that Silver and his fellow…

July 3, 2019
Tax
By Helen Burggraf

Monte Silver: TCJA still a major problem, but some progress seen in recent GILTI revisions

President Trump's Tax Cuts and Jobs Act 2017, which took effect on Jan. 1, 2018, has been a huge issue for many Americans who own as little as 10% of a small overseas business. Caught up in a clumsy legislative effort aimed at such large multi-national American companies as Google and…

July 2, 2019
Tax
By Monte Silver

Andersen Tax name has its debut in Kuwait

Andersen Global, the San Francisco-based international tax and legal services entity, said that an accounting services firm in Kuwait will adopt the Andersen Tax name going forward, as it becomes a fully-fledged member of the Andersen group.

July 1, 2019
Tax
By Helen Burggraf

IRS formally announces it 'will [no longer] challenge' foreign tax credits on two French social services 'contributions'

The U.S. Internal Revenue Service said on Wednesday that it "will not challenge" the claiming of foreign tax credits against certain controversial payments that potentially thousands of American expatriates resident in France have been paying for years, and noted that taxpayers who wish to file a claim for refund of U.S. tax…

June 27, 2019
Tax
By Helen Burggraf

Proposed U.S. Corp. Transparency Act would mandate ownership disclosures

Each year, almost 2 million corporations and limited liability companies are created in the United States, under various regulatory structures. Yet, as has often been pointed out – especially recently, as the world moves slowly in the direction of ever greater transparency and disclosure – only a handful of U.S. states currently…

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Supreme Court ruling set to impact non-U.S. companies selling into the American market

A U.S. Supreme Court ruling last June is expected to impact every company that sells goods or services into the U.S. – within months, weeks or days.

American couple in France in major win against IRS over tax

In a development that is being seen by American expat groups in France as a major win, the U.S. Internal Revenue Service has admitted in a U.S. Tax Court that it had wrongly collected millions of dollars of tax from France-resident American citizens, ending a years-long legal saga that could…

June 18, 2019
Tax
By Helen Burggraf

IMF managing director Christine Lagarde addresses G20 finance ministers in Japan earlier this month

OECD efforts to harmonize VAT tax rules coming down to wire

Businesses that sell goods and services across international borders may soon face major changes, as recently-unveiled plans by the Organisation for Economic Co-operation and Development to harmonize the way online commerce is taxed by governments around the world appear set to become law within a few years.

June 17, 2019
Tax
By Helen Burggraf

GILTI tax webinar on Thursday to feature tax lawyer Silver

Monte Silver, a well-known expert on – and critic of – President Trump’s Tax Cuts and Jobs Act, and the so-called GILTI tax it contains, will host a live webinar on that controversial legislation next Thursday.

June 16, 2019
Tax
By Helen Burggraf

Tax

IRS large biz division unveils new compliance campaign seen to potentially ensnare expat individuals

IRS letter campaign puts cryptocurrency investors on notice

Accidental Americans latest: French banks warn of potential need to close 40,000 accounts

Canadian court is latest to reject FATCA legal challenge

Get professional advice to avoid risk of a ‘Boris’, U.S. expats in U.K. warned

'Accidentels' reel but vow to fight on, as France's Conseil d'Etat rules in support of current FATCA regime

IRS responds to Transition Tax lawsuit with 'Motion to Dismiss'

Monte Silver: TCJA still a major problem, but some progress seen in recent GILTI revisions

Andersen Tax name has its debut in Kuwait

IRS formally announces it 'will [no longer] challenge' foreign tax credits on two French social services 'contributions'

Proposed U.S. Corp. Transparency Act would mandate ownership disclosures

More...

Supreme Court ruling set to impact non-U.S. companies selling into the American market

American couple in France in major win against IRS over tax

OECD efforts to harmonize VAT tax rules coming down to wire

GILTI tax webinar on Thursday to feature tax lawyer Silver

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Acronyms

'Accidental Americans' group launches 'major' letter-writing campaign targeting Congressional Dems

UK MP vows to continue speaking out on behalf of ‘accidental Americans’ living in Britain

Call for expats to be included in U.S. coronavirus relief efforts, as citizenship-based tax regime faces test

Congressman Holding to discuss ‘Tax Fairness for Americans Abroad’ bill in London in April

U.S. Citizenship and Immigration Services to close all but seven of its overseas offices

Charles Schwab telling clients in UK, Europe their accounts must move or be transferred by year’s end

‘Dem sponsor needed’ for expat tax fairness bill, Rep. Holding tells London gathering

U.S. government report acknowledges problems with FATCA reporting

Accidental Americans latest: French banks warn of potential need to close 40,000 accounts

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