US citizens who live and work abroad need more clarity from the IRS to prevent them from falling victim to harsh, costly reporting requirements for foreign trusts, taxpayers and advocates told IRS and Treasury Department officials Wednesday.
Many Americans overseas have foreign retirement plans the US regards as foreign trusts that have to file with the IRS. The foreign-trust rules are often unclear and hard to interpret, and the IRS needs to be clearer about when offshore retirement plans do and don’t need to be disclosed, witnesses told the officials at a public hearing.
In a significant development for the Cayman Islands, the jurisdiction has been removed from the Financial Action Task Force (FATF) list of countries needing to enhance their anti-financial crime measures.
EU accelerates negotiations with US, requesting immediate 50% import tariff relief without waiting for a final agreement, before August 1 deadline, fearing impact on steel and automotive industries
The Bahamas must “avoid stumbling into the pitfalls of the past” by upholding regulatory standards to maintain its perfect rating on anti-financial crime compliance, the Prime Minister says. Philip
European Union finance ministers are set to ditch a plan to introduce an EU-wide digital tax next week but agree to work on a global reform of the taxation of internet companies, an EU document shows.