Non-U.S. Banks Are Beginning To Comply With FATCA Regulations We knew it was coming. Non-U.S. banks are beginning to comply with IRS regulations under FATCA. A friend wrote yesterday to say that her bank in Belize has sent her a letter explaining what they are doing to comply with the FATCA requirements and a waiver [...]
Time To File Form 8938 The second round of this year's U.S. tax season is coming to a close. Any U.S. person who applied for an extension must file his tax return by next Monday, Oct. 15. After weeks of procrastination and one miserable weekend, mine are almost finished. The big change this year is [...]
In doing further curiosity reading after my Monday dispatch to you about the current tax debates here in France, I found some hilarious comments posted on news sites discussing Hollande’s planned increase of the top marginal tax rate in France to 75%. The best was from a young lady who stated (I’m paraphrasing a bit): […]
Nevermind The Politicians Based in Paris the past few weeks, we've been getting questions from readers and friends about what we're going to do in the face of recently elected President Hollande's proposed big tax changes. Hollande plans to increase this country's top marginal tax bracket from 41% to 75% for income over €1 million [...]
Moving Isn't Hiding Some recent reader e-mails have me scratching my head. Some readers rail against me for writing about ways both to save taxes and to protect assets by moving them offshore. These readers seem fully to believe that these activities are illegal. The only thing I can think is that they are mis-merging [...]
FATCA Is Closing In.. The level of concern among Americans seems to be growing as the FATCA implementation deadline draws closer and more people are becoming more aware of the implications and possible consequences of this absurd legislation. The first consequence has to do with the 30% withholding when wiring funds to a non-U.S. bank [...]
"Minimum Essential Coverage"--And How To Avoid it The U.S. government is on a mission to keep Americans and their money from leaving the country. By now, you've heard about FATCA. This Foreign Account Tax Compliance Act, signed in 2010, has yet to take full effect but is already starting to make it more difficult for Americans [...]
Understanding IRS Form 8938 (Good Luck) Tax season is over, but many U.S. taxpayers remain confused about the new IRS Form 8938...including many tax professionals, it seems, given the number of e-mails I'm getting from readers asking questions to make sure their tax preparers completed their forms correctly. This new form is a catch-all intended [...]
Incremental Degradation Civil rights took another hit in the United States last week, as the incremental degradation of the average American's right to privacy marches on. Last week, Obama signed new guidelines allowing the "intelligence" community to retain electronic data believed potentially useful in the "War on Terrorism" for five full years (up from the [...]
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