Tax Chat

FATCA, the IRS, and You: The Importance of Reporting
Listen If you have offshore bank accounts, the reality of FATCA should be less mystery and more common knowledge. Short for the Foreign Account Tax Compliance Act, FATCA is the legislation behind the government’s ability to find your funds anywhere in the world and, subsequently, bring down punitive actions against those not following the rules. Bottom line? …
Is U.S. Citizenship-Based Taxation On Its Way Out?
Listen The prayers of Americans living overseas may have finally been answered. A bill is in the works in the United States Congress to establish “Territorial Taxation for Individuals” (TTFI). If passed, the bill would change the current tax regime from one of “U.S. citizenship-based taxation” to “residence-based taxation.” This would go a long way …
New Compliance Campaigns by the IRS in 2018
Listen Regularly, the Internal Revenue Service focuses its attention on new areas that may need regulation and tax scrutiny from the federal government. Because of the IRS’s reputation, it’s easy to confuse related initial contacts with audits, but the IRS has a very specific approach when it comes to creating new tax regulatory schemes over previously unregulated …