IRS

The list below is a collection of articles that refer to, mention or discuss IRS.

Internal Revenue Service, IRS

Internal Revenue Service, IRS, logo on an American flag

IRS stands for Internal Revenue Service and is often known as the agency that collects taxes. But what else do they do? How did they start and what is their role in the taxes you pay. Check out this in-depth guide on the Internal Revenue Service and how they work.  History The IRS dates back to … Read more

Categories Tax

What is FATCA?

FATCA on a USA flag

The Foreign Account Tax Compliance Act or FATCA is essential reading for US expats. The rules are aimed at stamping out tax evasion by American taxpayers who hide money or other assets in unreported offshore accounts. The US Internal Revenue Service (IRS) lists offshore avoidance as one of the ‘dirty dozen’ ways taxpayers try to … Read more

Categories Tax

Too Much Tax Leads To Expats Returning US Passports

Red tape and the long arm of the US Internal Revenue Service are forcing one in five American expats to consider giving up their passports. In the first three months of this year, 1,018 Americans renounced the citizenship, and 250 of them blamed US taxes as the trigger for their action. The details come from … Read more

Categories Tax

Transition Tax Stumps Accidental Americans And Expats

Tax is getting a little complicated for expat American business owners. An unintended result of President Donald Trump’s Tax Cuts and Jobs Act is a transition tax aimed at the profits of multinational companies. This transition tax demands expats running small businesses abroad should pay a 15.5% tax on foreign earnings held in cash and … Read more

Categories Tax

IRS To Close Door On OVDP For Offshore Tax Dodgers

US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have owned up about their offshore … Read more

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IRS Wants To Tax Millions Of Bitcoin Trades

American Bitcoin traders are in the sights of the Internal Revenue Service for failing to report their trading gains. The IRS considers tax on a large share of up to $150 billion of Bitcoin trades should go to the US Treasury and is taking steps to secure the cash. The IRS is waiting for a … Read more

Categories Tax

US Expats Must Not Shun FATCA Obligations

Behind the scenes campaigning and election pledges that are yet to come to fruition do not mean US expats can ignore FATCA. Lobbyists have joined under the banner of the RepealFATCA website to influence Washington DC policymakers to scrap the Foreign Account Taxation Compliance Act, but their tireless walking of the corridors of power has … Read more

Categories Tax

Why Are Americans Giving Up Their Passports?

USA Passport

Record numbers of taxpayers are giving up their US passports – but no one is sure why or even if they are Americans or why they are leaving the country. In the three months to September 2016, 1,380 taxpayers renounced US citizenship, says the US Treasury. All their names were provided in an official listing, … Read more

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Tax Money Wasted On Blunders

Tax authorities are spending millions on unnecessary technology and training while accused of cutting jobs and customer services to the bone. Just this week, the Internal Revenue Service (IRS) in the United States and HM Revenue and Customs (HMRC) in Britain have faced criticism for slack spending. In the US, the IRS had to spend … Read more

Categories Tax

FATCA – One Year On And More Is Yet To Come

The US Foreign Account Tax Compliance Act (FATCA) is a year old as thousands of banks and financial institutions across the world ready to make their first reports about cash and investments held by US expats. Although the law was introduced as part of a raft of tax avoidance legislation in 2010, FATCA did not … Read more

Categories Tax