Tax Law Blog

For those residents who might have been keeping assets in the Cayman Islands comes some possibly unsettling news: the Department of Justice recently announced guilty pleas from Cayman National Securities Ltd. and Cayman National Trust Co. Ltd. The...

No one knows exactly why record numbers of Americans are renouncing their citizenship. A recent article in Forbes floats a couple of theories, including the fact that the Internal Revenue Service now holds the power to revoke passports. Another...

Back in April 2015, we alerted that the DOJ was starting a new program as part of its relentless pursuit of not only taxpayers who have unreported offshore holdings, but also the banks harboring the assets and concealing the names of accountholders....

They are eight million strong: American citizens who live in other countries. Many work overseas, have retired there, have family there, or have other reasons for living outside the US. Of course these people have bank accounts where they live.

The regulatory and enforcement muscle of the Internal Revenue Service can certainly be felt in Cleveland, but the agency's might extends to Americans living in Caracas, Cape Town, Chiba and Cairo, too. These days, the IRS is squeezing hard on...

As part of Fatca (The Foreign Account Tax Compliance Act), a tax-evasion-detection program enacted in 2010, the following announcement of a new program to detect and thwart illegal tax avoidance has significant impact on foreign accounts.  You can...

We have in the past in this space discussed Sen. Rand Paul's lawsuit aimed at derailing the Foreign Account Tax Compliance Act (FATCA). Paul and other plaintiffs are also out to upend the requirement to file a Report of Foreign Bank and Financial...

Cleveland readers familiar with the archaic procedure rules of Congress and the misdirection and sleight of hand of skilled lawmakers know that an innocuous-sounding bill can have buried deep within it important changes in law or funding. Take, for...

Regular readers of our Cleveland tax blog will undoubtedly recall recent references to the FBAR (Report of Foreign Bank and Financial Accounts). It's essentially a report to the Internal Revenue Service on amounts of $10,000 or more in any overseas...