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Update: Obamacare penalty tax may apply to expats

We have previously commented that the Obamacare penalty tax for failure to obtain medical insurance would not apply to those individuals who were resident overseas.  But there are a number of “costs” (now classified as “taxes” by the Supreme Court) that individuals (and employers) will bear. We will discuss these in a later blog post.  […]

What does Obamacare mean for expats?

There has been substantial press coverage over the last couple of days of the Supreme Court’s decision upholding “Obamacare”. Under the plan, individuals will have to pay a penalty if they fail to carry health insurance for themselves and their dependents. These provisions apply to US citizens and resident aliens. While there exemptions for certain […]

UK Statutory Residence Test to take effect April 2013

[There has been an update to the information below. The number of days resident in the UK has changed from 10 days to 15 days.  Please refer to Update to UK Statutory Residence Test.] The UK government has recently announced that it will legislate the statutory residence test (SRT) to take effect from 5 April […]

IRS Announces New Efforts to Help US Citizens Overseas

The deafening cheer heard in our offices this morning was from the new IRS announcement late yesterday to help Non-Resident U.S. Taxpayers. With feedback from expat organizations, the Canadian Prime Minister and firms like ourselves, the IRS is beginning to realize that many overseas resident Americans who have not complied with their US filing requirements […]

Jimmy Carr tax avoidance scheme investigated by HMRC

Newspapers have reported today of the Comedian Jimmy Carr’s involvement in a tax avoidance scheme which allows him to shelter millions each year and pay just 1% income tax.  The tax avoidance scheme known as “K2”, marketed by Peak Performance Accountants (PPA) enables income to be routed into a Jersey-based trust which lends the money […]

New IRS Draft Form W-8BEN-E for Entities

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Defense of Marriage Act held unconstitutional

A federal district court in New York (southern district New York) has held that a portion of the Defense of Marriage Act (DOMA) is unconstitutional.   The issue in the case was whether the estate of a decedent would claim the unlimited marital deduction for that portion of the estate passing to a same-sex surviving spouse. […]

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