The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the “Dirty Dozen.” Since the first Offshore Voluntary Disclosure Program (OVDP) opened in 2009, there have been more than 55,800 disclosures and the IRS has collected more than $9.9 billion from this initiative alone.In … [Read more...]
Helpful Articles for Expats
A compilation of helpful articles for American Expatriates.
The Foreign Account Tax Compliance Act (FATCA), while designed to “minimize tax cheats,” is making banking — and life in general — painfully difficult for millions of American expats, according to Mike Michelini, a Hong Kong-based business consultant with globalfromasia.com. Here is his editorial. Under FATCA, all 8 million or so Americans living and working overseas must … [Read more...]
While FATCA became law in the US just under six years ago and in Jamaica less than two years ago, Foreign Bank Account Reporting (FBAR) has been part of the US tax code for over 40 years. Having had the privilege of being invited by various local groups (Professional Associations & Service Clubs) to make presentations on FATCA, and knowing what I know about the US tax code, … [Read more...]
And thus the higher you make the minimum wage the less low skill employment there will be. Apologies, but this really is just the truth. If you tax something then you’re going to get less of it. And governments have tried to tax pretty much everything they can think of over the centuries. There’ve been taxes on salt (known to cause the odd revolution), on incomes, on capital … [Read more...]
Collection measure included over objections of union, Democrats A union and Democrats object to a provision in the highway bill requiring the IRS to use private debt collectors If you’re behind on tax payments you could soon hear from a private debt collector. Over the objections of a union representing Internal Revenue Service workers and some congressional … [Read more...]