IRS

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

Advocate Backs FBAR And FATCA Merger

US expats swamped by a welter of financial reporting forms from the Internal Revenue Service (IRS) and US Treasury may have an easier time in future if the organisations take up suggestions to merge requests for duplicate information. In a bid to tackle offshore tax evasion, the US government has requires US taxpayers at home … Read more

Categories Tax

IRS Dirty Dozen Tax Scams For 2015

The Internal Revenue Service (IRS) is warning taxpayers in America to watch out for this year’s dirty dozen tax scams. Every year, the IRS draws up a list of con tricks and bad behaviour by crooks and taxpayers. Just like Britain and Europe, the US suffers from a plague of scammers trying to steal cash … Read more

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FATCA Relief On The Way For US Dual Citizens

American taxpayers with dual citizenship can soon renounce their US citizenship without facing exit taxes and other penalties if a new law passes through Congress. The government has recognised that the new Foreign Account Tax Compliance Act (FATCA) has put an onerous financial burden on thousands of US expats whose only connection with America is … Read more

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US Steps Up Pressure on FATCA Timewasters

The US government is about to weed out suspected Foreign Account Tax Compliance Act (FATCA) timewasters as a deadline to sign inter-governmental agreements is fast approaching. FATCA started in July 2014, and dozens of financial jurisdictions were deemed as complying with the new law even though they had not inked an agreement with the US … Read more

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Record Number Of US Expats Rip Up Passports

Problems with complying with the Foreign Account Tax Compliance Act (FATCA) are leading to huge numbers of American expats ripping up their passports. More than 770 Americans renounced US citizenship in the third quarter of this year, up 39% on the previous quarter, says the Federal Register. The Federal Register is updated every three months … Read more

IRS Slated For Failing To Tax Expat Property Buyers

Expat taxpayers are vanishing offshore with the sale proceeds of US real estate and leaving the Internal Revenue Service (IRS) with the blame of failing to collect taxes. The IRS was severely criticised for not doing enough to make sure expats pay real estate taxes in a report from financial watchdog the Treasury Inspector General … Read more

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FATCA Scam Alert As Fraudsters Strike Worldwide

Hundreds of thousands of banks and financial institutions across the world are on alert after Foreign Account Tax Compliance Act (FATCA) scammers have tried to access financial information about US taxpayers. The warning from the US Internal Revenue Service was triggered as reports of phishing attacks were reported by FATCA compliant financial organisations in dozens … Read more

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Russia Hits Out At ‘Unlawful’ FATCA

Grumbling about the US Foreign Account Tax Compliance Act (FATCA) is growing around the world. After a Canadian pressure group launched a legal challenge against the government signing a FATCA treaty with the USA, now Russian regulators are hitting out against the tax reporting law. FATCA is aimed at making foreign financial institutions opening their … Read more

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New Criminal Offence To Net Offshore Tax Dodgers

HM Revenue & Customs (HMRC) has revealed the details of a new criminal offence aimed at trapping offshore tax dodgers. The tax man is urging people with undeclared income from offshore bank accounts and investments to come forward and settle their financial affairs or face prosecution. HMRC has launched a consultation on the new measure … Read more

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FATCA – What The IRS Tells Your Tax Man

The Foreign Account Tax Compliance Act (FATCA) started on July 1, 2014 and means big changes in the way the Internal Revenue Service (IRS) digs up data on US taxpayers. More than 100 countries have joined the FATCA network, but not all of them have the same information exchange agreements with the IRS. Here’s a … Read more

Categories Tax