Category Archives: Information

Implementation of FATCA Causes Headaches for Expats

It has become increasingly difficult for U.S. citizens to open bank accounts overseas. The reason is that the IRS has started to implement the Foreign Account Tax Compliance Act, or FATCA for short. FATCA was passed in 2010 in an attempt to prevent overseas tax evasion activities. Unfortunately, many experts believe it is causing...
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Hiding Foreign Income Increases Likelihood of IRS Audit

In 2007, a whistleblower at a major bank in Switzerland disclosed to the IRS millions of dollars in assets belonging to U.S. citizens that were never properly disclosed. This led, in 2009, to one of the biggest settlements in IRS history. Since then, the IRS has been especially vigilant in...
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What the Fiscal Cliff Deal Means For Your Taxes

After months of wrangling, negotiating, and one expensive election, Congress and President Obama finally agreed on a partial deal to avert the so called Fiscal Cliff. The Fiscal Cliff was a set of tax increases and spending cuts that would have gone into effect on January 1, 2013 and plunged...
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