On November 6, 2019 we posted Ten Facts About Tax Expatriation - Part I, where we discussed that whatever your motives, just because you leave the United States and renounce your citizenship, don't assume you can leave U.S. taxes (or U.S. tax forms and complexity) behind, particularly if you are financially well-off. For those who expatriate…
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The Estate Tax Challenge
We previously posted on November 14, 2016 Trump Presidency Could Be Death Knell For Estate Taxes! where we discussed President-Elect Trump's tax plans, which includes the repeal of the US Estate & Gift taxes. This may be a realistic possibility considering that this is in line with some of the proposals in the Republican House Ways &…
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Just 3 Days Before OVDP Penalty Increase To 50%!
On Thursday, June 19, 2014, we posted "OVDP Penalty Increased To 50%!"where we discussed that the new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for and increased 50% FBAR Penalties for…
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IRS to Unveil Compliance Program for U.S. Expats Not Willfully Evading Taxes?
U.S. citizens abroad who are noncompliant with their tax obligations but aren't willfully evading taxes may be able to come into compliance under a new program to be announced by the Internal Revenue Service. According to prepared Remarks of John A. Koskinen Commissioner Internal Revenue Service Before The U.S. Council For International Business-OECD International Tax…
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