United States tax matters can be confusing to even the most seasoned American expat. In addition, although they may not realize it, foreign persons with US connections may also be impacted by US tax issues. Many non-US persons have a connection to the USA in some manner. Perhaps a family member is married to a US person; perhaps a family member has been studying in the US and may decide to remain there or to get a green card. Other connections can exist such as the desire to purchase US real property as an investment or a vacation home; or a desire to invest in the US securities market; maybe the family has a business which is now taking on US connections, for example, by selling goods or providing services into the US. In any such instance, US tax issues must be considered and planned for.
Is IRS Reporting to Foreign Governments About NRA’s US Deposit Accounts? NOPE!
Generally, nonresident alien individuals (NRAs) are not taxed by the US when they receive interest income from amounts on deposit with US financial institutions, including banks and savings […]
Part II: Foreign Data In Chaos at IRS
My earlier blog post introduced the notion that chaos reigns over at the offshore information vault maintained by the Internal Revenue Service (IRS). My post detailed how the […]
Testimony – Senate Finance Committee Hearing on International Tax Reform
Testimony from the Senate Finance Committee hearing held on October 3 on International Tax Reform: Kimberly Clausing (Reed College) (testimony) Itai Grinberg (Georgetown University Law Center) (testimony) Stephen E. […]
FATCA? Who Cares? Information CHAOS at the IRS
A September 11, 2017 Report (Report) by the Treasury Inspector General for Tax Administration (TIGTA) revealed that the Internal Revenue Service (IRS) is not up to speed in […]
International Tax Reform: Public Hearing Scheduled by Senate Committee on Finance
The Senate Committee on Finance has scheduled a public hearing on October 3, 2017, titled “International Tax Reform.” The staff of the Joint Committee on Taxation has prepared […]
SHOCKING NEWS! IRS Just Suspended Its Automated Substitute for Return (ASFR) Program
Just yesterday in a New York legal seminar, Matthew Weir, the Assistant Inspector General of the office of the Treasury Inspector General for Tax Administration (TIGTA) announced that […]
IRS CID Chief: “Significant” International Tax Investigations Under Way
Don Fort was appointed Chief of Criminal Investigation (CI) for the Internal Revenue Service (IRS) in June. He’s quickly making his presence known as the IRS’ top […]
Foreign Owner / Foreign Assets: No US Nominee!
We’ve known for some time that the Internal Revenue Service (IRS) has been mining heaps of data provided to it by banks in Switzerland and elsewhere, as well […]
Foreign Owner of US LLC: NRA Asks, Do I Need an ITIN?
The Internal Revenue Service (IRS) will host an Individual Taxpayer Identification Number (ITIN) Process webinar on Wednesday, Sept. 20 from 1- 2:30 p.m. EDT. Those interested in attending […]
Expatriates Take Note: IRS Slipshod Work and Secrecy Prevent Taxpayers From Obtaining Critical Records
According to a report (TIGTA Report) dated July 13 2017, by the Treasury Inspector General for Tax Administration (TIGTA), the Internal Revenue Service (IRS) systematically loses and destroys important […]