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Tax audit red flags: separating fact from fiction

It is that time of the year again, when the early tax filing season is upon us and interest not he IRS is at a yearly high. In response, you will see article published claiming to give you the “secret sauce” on how to avoid an IRS tax audit, by warning you of “red flags.” There articles are all fine, I suppose, if this was 2008. However, the IRS has changed drastically since then. In this article, we will discuss what the real audit red flags are, and what is just sort of things are outdated.

Territorial Taxation: Let's make it happen and end the horrors of Citizenship Based Taxation

We have been working very closely with the team in Washington that has been trying to repeal the Foreign Account Tax Compliance Act (FATCA). But FATCA is only part of the problem. The problem is that US imposes universal tax jurisdiction, a relic of the US Civil War. Universal tax jurisdiction, otherwise known as Citizenship Based Taxation, is something no other civilized country does. The Republicans Overseas group an others are hard to eliminate this 19th century relic. In this article we will sow you what you can do to help

Help with common US tax issues for US-Indian persons

While there is a US-Indian tax treaty that claims to offer benefits, the issue is that the "Savings Clause" of the treaty negates the double-taxation prohibition. Meaning, anything earned in India is subject to US taxation.

How to do your part to repeal FATCA: Deadline August 3rd!

The Foreign Account Tax Compliance Act (FATCA) is a terrible piece of legislation. Watch this important video to know the steps you should take next to help see FATCA repealed. Act quickly, as your response is required by August 3, 2018.

Americans for Tax Reform urges "yes" vote on Rand Paul's FATCA amendment: NOT DEAD YET

Our Repeal FATCA movement seemed to be withering on the vine just a week ago. Tax Reform seems like it was going to pass us by. Then the news that Rand Paul introduced an amendment calling for the repeal of the Foreign Account Tax Compliance Act (FATCA), and now, now we have the momentum on our side. Adding to this today is the Americans for Tax Reform (ATR) is now putting this issue front and center --- urging a "YES" vote to Repeal FATCA. Below are key highlights from ATR.

Support Rand Paul's Amendment to Repeal FATCA

Senator Rand Paul has lent his clout to the repeal of the Foreign Account Tax Compliance Act (FATCA). He testified at the FATCA hearing in April and he has not forgotten about our cause. Below is an email I received from our friends, Jim Jatras and Nigel Green from RepealFATCA.com. You will find the action you should take right now if you are sick and tired of the damage FATCA is causing.

Update: Scathing criticism of FATCA and GOP inaction

Our friends Jim Jatras and Nigel Green have signed a blistering letter to Secretary of the Treasury Steven Mnuchin regarding the utter failure of the Foreign Account Tax Compliance Act (FATCA) and the inaction of Republicans to do anything about repealing this disaster even though the repeal of FATCA was a formal plank of the national Republican Party platform. The copy sent to me by Jim Jatras follow.

China is sharing confidential financial information with the US. How to protect yourself from bad advice

For Chinese-Americans with assets in China and elsewhere who have not disclosed their worldwide income and assets properly, the IRS might be able to target them easily very soon. And, the consequences could be very dire.

FATCA is a blinding disaster that the 6th Circuit can't see. So let's help them.

**** UPDATE: We learned the the Sixth Circuit denied an En Banc Hearing September 27, 2017. So it's on the the Supreme Court. **** The US 6th Circuit of Appeals dismissed the Rand Paul/Mark Crawford Foreign Account Tax Compliance Act (FATCA) lawsuit for a lack of standing, claiming that it couldn't see the damage FATCA has caused. Yet we know the damaged caused is so obvious to everyone --- even its supporters --- that there has to be a logical way to explain the 6th Circuit's massive failure to see what everyone knows. One theory is that the FATCA disaster is so massive, like a atomic blast, it temporarily blinds certain observers, making them unable to make use of their faculties. In this article, we will help anyone so confused to make sense of FATCA. We will focus on just one example, just one victim of FATCA, Donna-Lane Nelson. Ms. Nelson is a plaintiff in the FATCA lawsuit. She tells us her story in detail and talks about how FATCA robs opportunity from regular Americans every day.

Jim Bopp politely destroys the 6th Circuit's FATCA suit dismissal

The Mark Crawford/Rand Paul Foreign Account Tax Compliance Act (FATCA) lawsuit reached its way up the 6th Circuit Court of Appeals. With the known trend of big government finding in favor of big government, I along with others, were hopeful for a victory. But the dismissal of the case -- well, that did not surprise too much. Fortunately, the attorneys for the Plaintiffs, Jim Bopp and Richard Coleson, were kind enough to summarize, via a memorandum dated August 22, 2017, precisely what the 6th Circuit got wrong.

Common renunciation and IRS exit tax questions

More and more United States citizens are renouncing their US citizenship. Many, thanks to the havoc that FATCA is wreaking on their lives. We understand the gravity of making this decision. These are common questions our clients ask when considering renunciation.

FATCA repeal and tax reform updates with Solomon Yue

We were joined by Solomon Yue -- an integral force behind the effort to repeal the Foreign Account Tax Compliance Act (FATCA). We wanted to check in with Solomon to find out what progress has been made since the hearing.

FATCA contact information #repealFATCA

The Foreign Account Tax Compliance Act (FATCA) is  a law that affects so many negatively. We are partnered with a group in Washington that is working so hard to get FATCA repealed. We are asking for your help. 

The folly that is the FATCA same-country exemption

The Democrats on the House Oversight Committee tacitly admit that the Foreign Account Tax Compliance Act (FATCA) has some serious problems. But FATCA was a Democrat law, so they seem...

Expert Minority Witness at FATCA hearing - 15 things she got wrong

On April 26, 2017, Anthony and Claudine attended a hearing in Washington, DC - The "Unintended Consequences of the Foreign Account Tax Compliance Act (FATCA)". The minority expert witness got quite a few things incorrect during...

Watch the Repeal FATCA hearing live April 26, 2017 2 pm EDT on IRSMedic

Claudine and I will be in Washington, DC to support the effort to repeal the Foreign Account Tax Compliance Act (FATCA). Proponents of FATCA claim it assists in tax compliance. But those impacted by the law, many of them our clients, know is it a senseless, mindless absurdity whose human costs far outstrip the trifle revenue its supporters claim it raises.

How to avoid disaster with the US tax code

The US tax code is one of the most complicated things in the history of time for US taxpayers. So imagine being an expat trying to decipher all of the rules and regulations!

How long should I keep my tax records?

Maybe you've heard that you should hang on to your tax records for 3 years, maybe you heard 6 years, maybe 7, or even 10.  But, as we will explain, the best answer may be: "for as ...

DOJ muffs up international asset reporting rules

The issue I have with the quoted paragraph is the claim that taxpayers must "identify the country where the account was maintained." But this is only true if the FBAR... Saul Hyatt, 53, pleaded guilty today before U.S. District Judge Freda L. Wolfson of the District of New Jersey to an Information charging him with conspiracy to conceal assets in an undeclared bank account held in Panama for his ...

American Citizens Abroad - Helping expats with SDFCU

American Citizens Abroad (ACA) is a great non - profit organization that helps US citizens living and working in foreign countries...

Israel stands up to FATCA

9/13/2016 Update: Less than a week later, Israel has caved in: /2016/09/13/israel - caves - into - fatca/. It's Israel versus FATCA. A true David and Goliath story, and we're rooting for David.

Renouncing citizenship while hiding tears

From a recent post in the American Expatriate Facebook group: Rachel Heller, a US expat living in the Netherlands, has tried to find a venue for here story but unfortunately, no major media outlet was interested in ...

Dismissal of Rand Paul's lawsuit

Not too many surprises here. A federal court decides no meaningful limits to federal power and ratifies one of the worst laws of all time. Here with a claim those negatively affected by the Foreign Account Reporting Act (FATCA) must be imagining it all. Huh. Seems like a factual determination ...

IRS help for Swiss banks (and their customers)

It seems like the new disclosure laws have turned everything upside down, and unfortunately people panicked. We've seen how this is affecting Swiss Bankers, and we know that it is possible to help their clients --- making all of their lives easier and more prosperous.

FATCA, OVDP, and Streamlined case studies

Offshore disclosures and FBAR penalties are a focus of the IRS. The law, procedures and actual outcomes are constantly evolving --- and sometimes the IRS operates inconsistently. To...

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