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Discussion about current events, culture, independent candidates, business, education, travel, death and taxes, global mobility, citizenship and residence by investment options, Americans abroad, FATCA, CRS, U.S. citizenship renunciation, Green Card abandonment, citizenship taxation, PFIC, GILTI, foreign trusts, I-407 and more ...
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Tuesday Aug 15, 2023
Tuesday Aug 15, 2023
August 15, 2023 - Participants include:
Virginia La Torre Jeker - @VLJeker
John Richardson - @Expatriationlaw
Out with the "mitigation provisions" and a reminder that penalties for the failure to keep records can result in a separate penalty!
On August 10, 2023 Virgina La Torre Jeker published a post about the great FBAR penalty reset - the IRS response to the Bittner decision.
It's all about the new IRS FBAR Guidance Memorandum which took effect on July 6, 2023.
You can read it here:
https://www.irs.gov/pub/foia/ig/sbse/sbse-04-0723-0034-redacted.pdf
Clearly this is NOT "good news" for taxpayers (or should it say individuals with bank and financial accounts outside the United States).
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