On July 1, 2014, the Foreign Account Tax Compliance Act (FATCA) came into force. The goal: prevent millions of U.S. taxpayers, and the global financial institutions that serve them, from evading U.S. tax on income and assets held outside U.S.
Now that Republicans have control of the Senate, things may change.
Beware these tax challenges
On October 31, the IRS released inflation adjustments for more than 40 tax provisions.
Reporting requirements kick in July 1
If your clients haven’t been paying their American taxes, they have another opportunity to confess to IRS.
A bypass trust lets you pass assets from one person to another while avoiding taxation.
Ted Cruz has just become a famous Canadian -- he’s about to do something few choose to do.
The U.S. wants Canadian snowbirds to stay south of the border.
If you work with dual citizens of Canada and the United States, it’s important to be aware of the unique financial, tax and estate planning issues these clients face. Given the recent tax changes in the United States, these clients and their advisors will need to be ahead of the curve.