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Record Number Renounce Their US Citizenship in 2016 Due to US Taxation of Worldwide Income

The US Treasury Department published the latest list of those who renounced their US citizenship in 2016.  The recent spike in renounced citizenships has been tied to US taxation of worldwide income for all US residents and taxpayers.  5,411 individuals renounced their US citizenship in 2016, and while this may...

World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information

The goal of financial transparency worldwide is gaining momentum.  The US FATCA initiative has spawned like legislation around the globe.  The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...

Mexico and South America to Implement Their Own FATCA Regulations

Just when many thought the wave of IRS focus on offshore accounts and investments had passed the next wave has reached our shores.  The recent decisions by Mexico and South America to implement their own FATCA regulations means a continued tightening of inter-agency communication and international monetary tracking.  The success...

Treasury Department and IRS Propose Changes to Offshore Business Taxes and Inversion

The US Treasury Department and the IRS to propose changes to offshore business taxes and a practice known as "Inversion."  A hearing yesterday brought stiff resistance from representatives in the business community and others seeking to preserve offshore tax advantages.  "Inversion" is one of the specific strategies addressed in the...