Tax experts with American expatriate clients reacted with considerable interest yesterday to a new IRS clarification that appears to suggest more flexibility, with respect to penalties for failing to file tax returns and Foreign Bank Account Reports (FBARs), than previously had been assumed possible.
Americans living in Canada who owe back taxes to the US may be about to get a break from the Internal Revenue Service, the Toronto Globe and Mail is reporting, citing as its source the US ambassador to Canada.
What is said to have been the first citizenship renunciation meeting ever held in Canada took place at the US consulate in Toronto last month, as some 22 Americans sought to end once and for all the hassle of being a US expat, the Canadian Globe and Mail reported yesterday.
Canadas finance minister has criticised the US for its aggressive pursuit of Canadians as part of its ongoing crackdown on overseas tax evasion.
A PwC expert has warned that initiatives similar to FATCA may be adopted by other countries.
Signia Wealth has announced its registration as an investment adviser with the US SEC.
HSBC Private Bank will cease offering services to US private clients who bank overseas.
A fresh effort is under way in Washington to boost Americas tax coffers by targeting offshore money
The IRS yesterday issued fresh guidance on how foreign financial institutions must comply with FATCA
American Citizens Abroad has urged Americans residing overseas to lobby Congress on FATCA.
The IRS has added to the information it requires from Americans with offshore bank accounts.
David Treitel of US Tax & Financial Services considers the challenges facing IFAs with US clients.
