The number of Americans renouncing U.S. citizenship stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force (FATCA - Effective Date July 1, 2014). On Monday, February 10, 2014, we posted "US Expatriation Increases By 221%" a record number of U.S.…
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Swiss Banks Have Sent U.S. Client Data To The IRS!
Bloomberg - Swiss banks will on the whole meet the deadline for delivering information on offshore accounts to the U.S., improving their chances of settling with the Justice Department this year. Roiled by the demise of the country’s oldest bank, the lenders are helping U.S. prosecutors build cases against Americans who failed to report money stashed in…
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IRS Recently Revised Form 2848 – Power of Attorney!
The IRS recently revised Form 2848, Power of Attorney and Declaration of Representative, and instructions. Among other changes, the new form reflects the 2013 IRS policy change under which the form could no longer be filed electronically and a requirement that certain taxpayer representatives provide a valid preparer tax identification number (PTIN). According to ThompsonReuters Notable…
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Life With FATCA – Effective Since July 1, 2014 – 101 FATCA Agreements & Growing!
Since our post of Tuesday, July 1, 2014, 92 FATCA Information Sharing Agreements Start Today!9 more countries have entered into FATCA agreements with the United States, bringing the total to 101!Described by the US Government as a "major milestone" on the path to eradicating offshore tax evasion, but branded by its critics as "the worst law…
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