Page Content The U.S. Department of the Treasury today announced that the United States has signed an intergovernmental agreement (IGA) with France to implement the Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, FATCA aims to curtail offshore tax evasion by facilitating the exchange of tax information. With today's agreement, 10 FATCA IGAs have…
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Estate Tax Planning for Cross-Border Families and Foreign Nationals
Multi-national families have numerous issues associated with Nonresident Alien Parents who are considering transferring their wealth to their U.S.-resident children. The Nonresident Alien Parents’ goal is to pass the assets to the children when the surviving parent dies, and ensure that successive wealth transfers to future generations are made without U.S. estate tax, or generation-skipping…
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DOJ / IRS Obtains Court Orders to Seek Offshore Account Data From 5 U.S. Banks!
U.S. District Judge Kimba M. Wood of the Southern District of New York entered an order on Nov. 7, 2013, authorizing the IRS to issue summonses requiring: Bank of New York Mellon (Mellon) and Citibank NA (Citibank) to produce information about U.S. taxpayers who may be evading or have evaded federal taxes by holding interests…
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Tina Turner – By Adopting Foreign Citizenship are you Still Subject to the US Exit Tax?
According to an “activity” report from the U.S. Embassy in Bern, Switzerland, long-time Swiss resident Tina Turner” was in the embassy Oct. 24 to sign her “Statement of Voluntary Relinquishment of U.S. Citizenship under Section 349 (a)(1) of the INA” — the Immigration and Naturalization Act.She has merely 'relinquished' her US citizenship rather than formally 'renouncing' it,…
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