Author Archives: Andrew Aldridge
Senate announces plan to stop Facebook co-founder from dodging taxes by dropping US citizenship
Facebook co-founder Eduardo Saverin’s renouncement of his US citizenship has caused “outrage” with two US Senators. Senators Chuck Schumer and Bob Casey have introduced the Ex-Patriot Act. In addition to imposing a 30% income tax on future capital gains, it also provides that ex-citizens who gave up their citizenship be refused entry into the US […]
The Congressional Research Service Issues New Primers
The Congressional Research Service (CRS) works exclusively for the United States Congress. According to its web site http://www.loc.gov/crsinfo/ the CRS provides policy and legal analysis to committees and Members of both the House and Senate, regardless of party affiliation. As a legislative branch agency within the Library of Congress, CRS has been a valued and […]
Some Are Calling it “Taxmaggedon”
In a recent Senate Finance Committee hearing Senator Hatch (Republican, and the Ranking Member) and Senator Baucus (the top Democrat) both had interesting comments about the US Tax system. Senator Hatch said, in part: “…(T)his nation faces a real crisis in just a few months. What some have called taxmaggedon is rapidly approaching. Unless Congress […]
Tax Cuts May Expire at the End of 2012
A substantial number of tax cuts were implemented during the Bush Administration, and extended during the current Obama Administration. But unless Congress acts these cuts will expire at the end of 2012. The following is a link to a Congressional Research Service Report for Congress which reviews the affect these cuts have had and the […]
US Treasury Issues Final Regulations: Guidance on Reporting Interest of Non-Resident Aliens
In August 2010 the US Congress passed legislation (known as FATCA) that requires foreign financial institutions and companies that invest in the US to report to the IRS their US account holders and investors. Failure for these companies to comply with this requirement will result in a 30% US tax on their US income and […]
New IRS Review for Americans living abroad
Please note: Some links have been disabled as they are no longer available at the source. 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, […]
Important: Expiring tax provisions (Bush Tax Cuts) to end this year
As we previously wrote about during the summer, what are referred to as the “Bush Era Tax Cuts” are set to expire at the end of 2012 unless Congress and the President act before the end of the year… And even if Congress and the President do act, whether they will retain the cuts for […]