Tax Law News
Here you can find the latest US tax law news which we hand pick to help keep you abreast of new developments and important updates affecting American taxpayers overseas.
What is "willful failure"?
The July 20, 2012 reversal by the Fourth Circuit of the lower court opinion on “willful failure” to file the FBAR in the “United States vs. Williams” case has sparked broad interest among international tax experts. Virgina La Torre Jeker, who is a member of the ACA Professional Tax Advisory Council, has commented in her blog on this controversial and influential decision by the Fourth Circuit, which will impact Americans overseas. The blog item can be found here.
Final version of the Highway Bill
Thanks to strong opposition from ACA and other groups of Americans abroad, the final version of the Highway Transportation bill (H.R. 4348, passed in July 2012) did NOT include the original provision allowing the IRS to instruct the State Department to cancel a US citizen's passport if he/she owed above a certain level of taxes/penalties.
FBAR Letter to the President
ACA friend and Tax Advisory Council member Jane Bruno has written another strongly-worded letter to the President about IRS policy on enforcement of the FBAR and "voluntary disclosure." A copy of the June 2012 letter is reproduced here.
Rep. Maloney questions Geithner on US tax policy
The House Financial Services Committee hearing held recently (20 March 2012) had Congresswoman Maloney questioning Secretary Geithner on the issue of FATCA, FBAR and the Patriot Act as they relate to banking access for Americans overseas. It was very heartening to hear the Congresswoman publicly call out the constituency of Americans living and working overseas in these hearings as well as hear confirmation from Secretary Geithner that he is aware that there are Americans legitimately living and working overseas who need to maintain financial integrity and his willingness to work to achieve this.
IRS Taxpayer Advocate criticizes IRS
Foreign account reporting rules
Radio interviews on US taxes
Letters to Washington
Professional Tax Advisory Council (PTAC)
OVDI: IRS "Bait and Switch" tactics
Fundamentals of Tax Reform: Stop Double Taxing Overseas Americans!
FEIE Section 911: Low-hanging fruit?
Exports: ACA writes to Senators on exports
Exports: Encouraging an 'export mentality' by reducing taxes
Exit Tax claimed to be unconstitutional