After internally debating the case for three years, in July 2017, the U.S. Tax court issued a significant judgment that effects many non-Americans who reside outside the U.S, and who have investments or business in the US. By way of background, the U.S. Tax Court is the main Federal court where Federal tax disputes between the taxpayer and Federal government are heard and … [Read more...]
Helpful Articles for Expats
A compilation of helpful articles for American Expatriates.
By Josh HawleyPublished August 30, 2017 Fox News (REUTERS) The Constitution authorizes Congress to tax Americans to provide for the common defense and promote the general welfare. But in Washington, the professional political class has hijacked that authority to rig up a tax code that provides for the well-being of Washington, not the … [Read more...]
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...]
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...]