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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 […]

IRS Updates Foreign Assets Requirements Chart

The IRS has issued an updated foreign assets chart listing the latest requirements for filing Foreign Assets Form 8938 for the 2011 calendar year and TD F 90-22.1. Determining the Reporting Threshold That Applies to You… The IRS has provided guidance with respect to the thresholds that apply to taxpayers requirements for filing the form. […]

Major Swiss banking group issues US tax compliance form to its clients

Credit Suisse Issues US Tax Compliance Form to its Clients In the ongoing battle of Swiss banking secrecy, FATCA regulations and the tides of disclosure and compliance requirements, Credit Suisse has made one of their boldest moves to date. In an effort to shift the compliance burden on account holders, Bloomberg recently announced that Credit […]

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