The Foreign Account Tax Compliance Act (FATCA) requires certain United States taxpayers to report foreign assets to the Internal Revenue Service (IRS). This is in addition to other requirements, such as filing the Report of Foreign Bank and Financial Accounts (FBAR) form. So how do you know if you must comply with FATCA requirements? Ask […]

The investigation into allegations of Russian interference in the 2016 presidential election has led to allegations of United States tax violations. One example is the recent indictment of President Donald Trump’s former campaign chairman, Paul Manafort. Mr. Manafort is accused of using shell companies to hide assets and avoid tax obligations. As noted in a […]

The Internal Revenue Service (IRS) is keeping a close eye on what is referred to as the “gig” economy. This term refers to a new job market that involves the shift from typical nine to five jobs to short-term, flexible positions. These positions are often self-managed, allowing a great deal of autonomy for those who […]

There are a number of legal ways to reduce tax obligations. Some of these methods are common, known to anyone that has filed taxes. Basic deductions like charitable donations are a common example. Other maneuvers are more specialized. One such method, referred to as a corporate inversion, is under scrutiny by the federal government. What […]

The Swiss insurance industry is now under close scrutiny by the United States Department of Justice (DOJ). One insurance provider in the nation, Swiss Life, recently announced that it is under investigation by the DOJ. Why would the DOJ dig into insurance companies for wrongdoing? A recent publication on swissinfo.ch discusses the move. It notes […]

The Internal Revenue Service (IRS) is in the midst of a lawsuit against cryptocurrency provider Coinbase. The agency is attempting to gain information about those who use Coinbase, claiming that there is a high likelihood that these users are guilty of various tax crimes. What is the basis for these allegations? The agency supports these […]

The fact that the Internal Revenue Service (IRS) is cracking down on offshore accounts and foreign tax compliance issues is not a new one. Media outlets have been covering this story for months. However, the agency recently took a big step that will push these efforts to the next level. What was the big step? […]

The Foreign Account Tax Compliance Act (FATCA) has faced serious opposition. It was signed into law in 2010 by President Obama and is currently part of a lawsuit that alleges the law causes harm to a number of individuals. Who is bringing this lawsuit? The lawsuit, as noted in a recent piece in International Investment, […]

Even expats have certain tax obligations. A failure to meet these obligations can result in a range of penalties. Depending on the details of the issue, penalties can include fines or even criminal charges and revocation of your U.S. passport. Examples of common mistakes: Due to the severity of penalties tied to tax issues, expats […]

When a joint return is filed and only one spouse owes a past-due amount, the other spouse can be considered an injured spouse. An injured spouse claim is different from an innocent spouse claim, since it uses Form 8379 to request an allocation of the tax overpayment attributed to each spouse, whereas an innocent spouse […]