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 […]

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 […]

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. […]

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 […]

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, […]

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 […]

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 […]