Recently FinCEN provided guidance regarding current enforcement of Bank Secrecy Act’s reporting requirements with regard to virtual currency held offshore but it also signaled intent to impose additional reporting requirements in the future, including FBAR reqiirements.
Nearly 1 in 4 Americans Abroad Want to Give Up Their US Citizenship Due to Taxes
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According to a recent report by Greenback Expat Tax Services, 23% of Americans living overseas are seriously considering citizenship renunciation. Most say taxes are the reason.
Infographic shows key findings of the 2021 US Expat Opinion Survey by Greenback Expat Tax Services
When asked why they wanted to give up their US citizenship, 42% of expats cited the burden of filing US taxes as the primary reason. GRANDVILLE, Mich. (PRWEB) May 27, 2021 Americans living abroad have a history of feeling neglected by the US government and overburdened by tax regulation. According to Greenback Expat Tax Services’ 2021 survey of US expats, 23% of Americans living overseas are seriously considering citizenship renunciation. Another 42% would not rule it out.
Twiddling with the tax screws
The US’ approach to boost tax compliance may not work
President Biden presented a wish-list economic plan to Congress (i.e., US parliament) that aims to spend $1.8 trillion on education, childcare, and family leave. He also has a $1.9 trillion plan for Covid-relief programmes and a $2.3 trillion plan for improving infrastructure that would cover bridges, roads, broadband infrastructure, and so on.
Taken together, this is a mega-intervention in the economy that if executed would be as significant as Roosevelt’s New Deal in the early 1930s. That’s a big ‘if’.
The president’s ideas are diametrically opposite to what the Republicans believe in and so negotiations and horse-trading have begun. It is perhaps good that the two parties are almost evenly divided in the two houses for they will come to a more broadly acceptable plan.
iAfrica 16 seconds ago 3 min read
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In line with its pledge earlier this year to increase its focus on wealthy individuals and offshore holdings, the South African Revenue Service (SARS) has started contacting South African taxpayers with financial accounts abroad to request information. The aim is to see how much has been disclosed in prior tax returns and to assess any underpayments.
SARS’ newfound reach is thanks to the Common Reporting Standard (CRS), which sees 87 countries around the world sharing the account information of the world’s taxpayers. The CRS was born out of the American initiative, the Foreign Account Tax Compliance Act (FATCA), essentially widening the scope internationally. CRS aims to collect information on the member states citizens’ offshore assets, and has been adopted by many countries as a method to supplement their fi
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