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Americans Gave Up Citizenship in Record Numbers in 2020, Up Triple From 2019, Reports Tax Specialists Americans Overseas
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AMSTERDAM, Feb. 4, 2021 /PRNewswire/ 2020 was a record year for Americans giving up their citizenship, according to the experts and tax specialists of Americans Overseas.
A record 6,705 Americans gave up their citizenship in 2020
A 260% increase from 2019 when 2,577 Americans gave up their citizenship
Renunciations triple despite U.S. consulates being closed for large parts of the year due to COVID-19
This is the highest year on record; the previous record was 5,411 cases in 2016
. Every three months the U.S. Government publishes the names of all Americans under the IRS rules (section 6039g), who give up their citizenship. 2020 saw 6,705 Americans renounce their citizenship, 260% more than 2019 when 2,577 Americans renounced. This number possibly would have been higher if U.S. Embassies wor
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An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden.
The Foreign Account Tax Compliance Act (“FATCA”) was enacted in an effort to ensure that U.S. taxpayers could not avoid U.S. federal income tax on investment income through the use of non-U.S. accounts or entities. FATCA requires that certain foreign financial institutions (“FFIs”) and nonfinancial foreign entities (“NFFEs”) comply with information reporting requirements intended to identify U.S. account holders or U.S. owners. FFIs generally include banks, investment companies or similar financial institutions, and certain non-U.S. trusts while NFFEs generally include any entity that is not a financial institution.
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Blank Rome’s annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2021 by our clients and friends in California. We first discuss perhaps the most important recent development, which was the outcome of the 2020 “Blue Wave” Election that gives the Democratic Party control of the presidency and Congress. In view of the massive federal bailouts that have occurred and are likely to occur this year, it seems logical to assume that significant changes (increases) to the tax burden on many individuals will be enacted. President Biden has proposed a series of sweeping tax changes as outlined below.
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Leading Compliant Client Lifecycle Management Platform Receives Accolades for Its Support of Fund Administrators throughout COVID-19 Shift to Remote Work
BOSTON, MA / ACCESSWIRE / January 28, 2021 / Finomial, a leading Compliant Client Lifecycle Management ( CCLM ) platform, was shortlisted for the Best Cloud-Based Middle-Back Office Solution at the Annual Fund Intelligence Operations and Services Awards 2021. Winners are to be announced at this year s Fund Intelligence Operations and Services Awards virtual ceremony on Wednesday, February 24, 2021. Today s news comes on the heels of Finomial s US HFM Technology Award shortlist news and the completion of the FATCA and CRS (Foreign Account Tax Compliance Act and Common Reporting Standard) in the Singapore region, specifically for funds domiciled in Singapore.