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New IRS Review for Americans living abroad

The IRS is aware that many US citizens living abroad may have failed to meet their various tax filing obligations.  In a recently released “information” bulletin the IRS reviews the various obligations of US taxpayers, the penalties for non-compliance, and relief for many overseas taxpayers. http://www.irs.gov/newsroom/article/0,,id=250788,00.html For more information, please go to our dedicated compliance […]

UK Budget 2012: How is the American Affected?

Was it a Budget for the American? Did Prime Minister Cameron’s recent love affair for President Obama shine through when the Chancellor of the Exchequer made his annual Budget announcement on 21 March?  While reducing the top rate of tax from 50 per cent to 45% per cent was welcomed by some, tax rises were […]

Last Minute Year End Tax Savings – The Top Three Pitfalls for the American

These days there are handy hints all over the place telling us all how to save UK tax before the new UK tax year starts on 6 April 2012.  Many of these ideas will also work really well for US citizens in the UK. Others have specific US tax pitfalls. We highlight below the Top […]

Thirty new UK taskforces to tackle tax evasion

You may or not be aware but as a result of the UK Government’s £917 million spending review, new initiatives have been launched to tackle tax evasion, avoidance and fraud from 2011/12.  The aim is to raise an additional £7 billion each year by 2014/15.Thirty new UK taskforces are being set up to crack down […]

IRS Foreign Assets Form 8938 Update

[UPDATE:  This blog post has been updated.  Current information can be found in this April 2012 entry.]

FATCA—The New International Approach?

Governments plan to step up information exchange to reduce tax evasion One might imagine that foreign financial institutions wouldn’t want to bother with the Foreign Account Tax Compliance Act (FATCA) right now. After all, the Internal Revenue Service just published another 400 pages of FATCA regulations, and these are still nowhere near the final set […]

Protect Your UK Pension Lifetime Limit Before 5 April 2012

April 6 is not only the time to wish you “Happy New Year” as it is the beginning of the 2012/13 UK tax year, but it is also the date that the “lifetime allowance” in respect of contributions made to UK pension plans are substantially reduced. The lifetime allowance is the amount that you (or […]

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