January 2015

The Man (Or Woman) Without A Country
Listen Over the last two years, the number of U.S. expatriations has skyrocketed. For 2013 alone, the number of Americans renouncing their citizenship has increased to 221%. As shocking as this statistic might sound, according to those in the “know,” it is grossly understated. This has inspired many to call the trend, “Ellis Island in reverse.” What has …
International Data Exchange Service for FATCA Launched
Listen On January 12, 2015, the IRS announced that it had opened a data exchange service for enrollment by financial institutions and countries to use for complying with a U.S. tax law. The purpose of the data exchange service is to facilitate the exchange of information between foreign financial institutions and host country tax authorities, on the one …
National Taxpayer Advocate Lambasts IRS’s OVDP Programs and FBAR Penalties
Listen Here ye, here ye! National Taxpayer Advocate, Nina Olson recently gave her annual report to Congress. And she didn’t mince words. She lambasted the IRS for relentlessly asserting onerous offshore penalties including its disproportionate treatment of non-willful taxpayers caught in the labyrinth of foreign asset reporting. Ms. Olson’s report asks the IRS to change …