IRS

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

US Expats Renouncing Citizenship at Alarming Rates

US Expats Renouncing Citizenship at Alarming Rates

American expatriates are giving up their citizenships at a shocking 6 times more than in the same period last year. In the first half of this year alone, 1,810 individuals have handed in their passports to United States embassies all over the world. The US tax laws aimed at offshore citizens are tightening and they … Read more

Categories Tax

IRS Wants To Tax Crowdfunding Start-Up Cash

IRS Wants To Tax Crowdfunder Start-Up Cash

Start-up businesses picking up cash through crowdfunding web sites could find the US tax man looking for a share of the take. The Internal Revenue Service (IRS) argues that donations without commitment through the sites are income not investment – and should be taxed as earnings. Crowdfunding web sites claim the proposal is a tax … Read more

European FATCA On The Way To Simplify Tax

European FATCA On The Way To Simplify Tax

A European law compelling banks and financial institutions to reveal the financial details of their customers living in other European countries is a step closer after leaders said they would crackdown on tax dodgers. Using the controversial American Foreign Account Tax Compliance Act (FATCA) as a template, the European Union says they broadly support efforts … Read more

Categories Tax

British Wealth Managers Turn Away Wealthy Americans

British Wealth Managers Turn Away Wealthy Americans

Rich Americans can no longer find financial sanctuary with British wealth managers, who are turning them away because of new tax laws. The Foreign Account Tax Compliance Act (FATCA) is at the root of the problem. The new tax law that really begins to bite from January 2014 requires all American citizens to report foreign … Read more

Categories Tax

FATCA Spells End Of Banking Secrecy

Lawyers are predicting the end of banking secrecy around the world as increasing numbers of countries bring in legislation to satisfy voters angry at claims of companies and the wealthy dodging billions in tax. The moves are being led by the US with the Foreign Account Tax Compliance Act (FATCA) which forces financial institutions in … Read more

Categories Tax