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June 2016 Archives

Passport denial for tax debt, part 2: How will the new program work?

In the first part of this post, we took note of the provision put in place by Congress to authorize the IRS to revoke or deny passports due to "seriously delinquent" taxes. To be sure, certain requirements must be met. But if they are met, your passport may be at stake due to tax debt. So how will the program work?

Fallout from Panama Papers continues

The so-called "Panama Papers" have continued to spell trouble not only for the Panamanian law firm alleged to have created illegal tax havens for clients to shield assets from American tax liability, but also for the countless law-abiding expatriates, foreign nationals and U.S. citizens with international banking accounts.

If not with audits, what will IRS use to collect?

Audits by the taxman are scary things. No Texas business or resident likes the idea of facing off with the IRS. However, what readers may be surprised to learn is that the IRS doesn't much care for audits, either. Its own studies reveal that audits are time consuming for the agency and don't yield as much in revenue as might be desired.

Residency and its effect on taxes

Texas, Florida, Nevada and Wyoming are a few of the states that have no state income tax. U.S. territories also have different tax policies. A long-standing agreement between the Virgin Islands and the U.S. allows territory residents to pay their taxes to the Islands.

Dual US-Canadian citizens may have banking data sent to IRS

A strange story involving a Canadian baby who also has U.S. citizenship, her bank, the Canadian Revenue Agency and the IRS raises legal issues that will be important to other U.S. citizens living in Canada (and in other countries) with (and without) dual citizenship. iPolitics reported in April that a baby girl in Canada not yet a year old received a letter from her Canadian bank asking for documentation because she may be a "U.S. person" whose account is subject to Canada-U.S. bank record-sharing requirements.

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