Expatriation Increase At A Record Pace In 2014!

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).   Each quarter the U.S. Treasury publishes the names of the Americans who officially ...

Obligation de produire une déclaration américaine pour un enfant américain

Quelqu’un m’a récemment demandé si son enfant (un citoyen américain âgé de 6 ans, vivant à l’étranger), qui reçoit des revenus peu élevés (intérêts, dividendes) sur son compte en banque était tenue de produire une déclaration de revenus, voici ma réponse – n’hésitez pas à poser votre propre question dans la section commentaire ci-dessous:   ...

Obligation to file a US tax return for a dependent

Somebody recently asked me if a 6 year old US citizen, living abroad, who receives minimal unearned income on his bank account was required to file US tax returns, here is my response – feel free to as your own question in the comment section below:   General rule: As a general rule, US persons ...

FATCA related post on Twitter

Earlier in August, Canada and Russia exchanged the following tweets   Canada at NATO‏@CanadaNATO Geography can be tough. Here’s a guide for Russian soldiers who keep getting lost & ‘accidentally’ entering #Ukraine pic.twitter.com/RF3H4IXGSp  and Russians at NATO‏@natomission_ru Helping our Canadian colleagues to catch up with contemporary geography of #Europe @CanadaNATO pic.twitter.com/MjzRxpFFfN  … which gave me ...

Renunciation fee increase

To bring back the subject of the renunciation fee increase back to the forefront, Want to get rid of U.S. citizenship? Fee just quadrupled – to $2,350, I add another article, today, from the U.S. — Wall Street Journal, Laura Saunders, August 30th: U.S. Fee to Drop Citizenship Is Raised Fivefold. Commenting is open and comments have started. ...

New Agreement Ups Pressure On Swiss Banks To Hunt Down Tax Evasion

About 100 “second-tier” Swiss banks will be able to avoid prosecution for their role in helping American account holders evade U.S. taxes under a deal announced Thursday between Switzerland’s government and the U.S. Justice Department (DOJ). The agreement lays out a tiered system of fines that the banks will pay determined by the seriousness and duration of ...

Should US citizens get a “Consular Report of Birth Abroad of a Citizen of the United States” for their child born abroad?

I recently read an article making the case of not registering the birth of your child with the US consulate. It is echoed in the following post on the Isaac Brock Society website http://isaacbrocksociety.ca/2013/09/12/falling-proportion-of-america-emigrants-requesting-consular-reports-of-birth-abroad-for-children/ : What happens if you don’t register your child? If both parents of a baby born abroad are U.S. citizens, or one parent ...

Exclusive: IRS enforcement agent numbers could drop to lowest levels since 1970s

Budget pressures at the Internal Revenue Service’s Criminal Investigation Division are cutting the number of investigators there to the lowest level in four decades, and officials say the changes are forcing the division to scale back its fight of financial crime. It will also hurt government coffers, they add, since IRS probes can bring in ...

The real IRS scandal

Even as the Internal Revenue Service’s duties have grown in recent years, the agency has had to do more with less. In real dollars, the IRS budget has declined by 14 percent since 2010, while its staff has shrunk by 11 percent. But that’s not enough for House Republicans. This week, they passed a harebrained ...

Want to get rid of U.S. citizenship? Fee just quadrupled – to $2,350

  THE ASSOCIATED PRESS   Renouncing your U.S. citizenship will set you back a cool $2,350(US) starting Sept. 6, when the fee will more than quadruple – up from $450. The State Department, which announced the change this week, claims the new fee is the real cost of processing an application to lose citizenship. “Demand for the ...