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IRS Announces End to Offshore Voluntary Disclosure Program

Update: Further to the post below, we have posted an outline of the penalties taxpayers may face after the below September deadline. Yesterday (Wednesday, March 14th, 2018) the IRS announced that it is ramping down the Offshore Voluntary Disclosure Program (OVDP) and that the program will end on September 28th of this year. This is […]

Calling IFAs: What you need to know about US connected clients

There is an estimated $1 trillion in cash held by over 10 million US persons living outside of the United States. Since the implementation of FATCA, providing investment solutions for US expats has been increasingly problematic. In addition, even if funds like UCITs will accept US connected investors, they are being treated as non-reporting PFICs […]

US Tax Reform: Final TCJA Highlights

On December 20, 2017, Congress passed H.R. 1 – the Tax Cuts and Jobs Act (TCJA) – providing for the largest changes to the US tax code since 1986 and President Trump signed the bill into law on December 22, 2017. As we have done previously, we have highlighted the changes made to US Federal […]

IRS Criminal Investigation: Data Analysis

In a press call in August 2017, Mr. John D. Fort, the new IRS Criminal Investigation (CI) Division Chief, announced the establishment of two investigation initiatives: 1. Nationally Coordinated Investigations Unit and 2. International Tax Enforcement Group that will report directly to CI’s frontline executives. The international group will consist of elite special agents who […]

USTAXFS expands US tax services to Nordics

US Tax & Financial Services is proud to announce we’ve expanded our European presence to include the Nordic region through a collaboration with Swedish-based MAJATTORNEY. “As global administrations for tax compliance have evolved over the last 10 years, further expansion in Europe is essential to serving our clients in a seamless way across the globe,” said […]

US tax Preview 2017

This is the age of tax transparency, across all borders.  The days of tax evasion have been limited since the onset of the US Foreign Accounts Tax Compliance Act (FATCA) nearly a decade ago. FATCA & CRS It is off the back of FATCA that the current efforts surrounding the various Automatic Exchange of Information […]

Top 10 things US citizens abroad should know about their taxes

The US tax system is complex to say the least, and individual variables for each person are what makes the preparation of each tax return unique. Hard as it is to believe in the current climate, there are still Americans living abroad who do not think they have to file tax returns to the IRS at all, […]

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