Anthony Parent posted that tacked into a highway bill that has recently passed the U.S. Senate has a provision that would allow the State Department to deny passports to US taxpayers who owe delinquent tax debts to the IRS. If you owe more than $50,000 to the IRS, and if this Bill is signed into…
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Swiss-US Tax Treaty – Think You Need to Declare Your Swiss Bank Account NOW?
There have been new developments in the resolution of the ongoing tax dispute between Switzerland and the US: the Swiss government confirmed it will set out parameters for the cooperation of Swiss banks with the US within the existing legal framework and the Swiss Supreme Court, for the first time, considered a group request made…
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Rockefeller Intoduces Bill Targeting Cruise Lines
On Aug 01 2013, John D. (Jay) Rockefeller IV introduced legislation to close a tax loophole, currently exploited by the cruise industry, that has given cruise lines the ability to avoid paying U.S. income tax. For the past seven years, Carnival and Royal Caribbean – which represent 71 percent of the global cruise industry…
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Joint Filing Does Not Automatically Make a NRA Spouse a RA!
The Chief Counsel's Office release on 6/21/13, CCA 201325013 which addresses whether a nonresident alien who filed, possibly in error, Forms 1040 income tax returns jointly with his wife, who is a U.S. citizen, is now subject to the §6677 penalty for the failure to file information returns required under §6048 with respect to certain foreign trusts…
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