On August 27, 2014 we posted "IRS Simplifies Entering The New Streamline Program By Issuing New Forms 14653 & 14654!" where we discussed that the IRS has made it easier to enter the New Streamline Program Certification Process by creating Form 14653 –Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore…
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10 Swiss Banks Withdraw From US DOJ's Program
According to Swiss newspaper NZZ am Sonntag, quoting unnamed sources, 10 Swiss Banks that requested the US Department of Justice's non-prosecution program have now withdrawn from it because they have decided they did not systematically break US tax laws (Lets see if DOJ agrees with them?). The agreement entails paying a large fine and disclosing client…
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Tax Court – Taxpayer Was Not A Chinese Resident Pursuant to the US/China Tax Treaty
The Tax Court has ruled that a Chinese citizen who had lived in the U.S. and filed a 2005 U.S. return as a resident alien, then filed an amended 2005 return, then, in 2009, received a 2005 refund and interest on that refund, was neither a Chinese resident nor a nonresident alien in 2009 and…
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The Cost To Renounce Your US Citizenship Just Increased By 422%
On Friday, August 8, 2014 we posted, US Expatriation Increase At a Record Pace in 2014! Where we discussed that 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…
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