Month: September 2017

**** UPDATE: We learned the the Sixth Circuit denied an En Banc Hearing September 27, 2017. So it’s on the the Supreme Court. **** The US 6th Circuit of Appeals dismissed the Rand Paul/Mark Crawford Foreign Account Tax Compliance Act (FATCA) lawsuit for a lack of standing, claiming that it couldn’t see the damage FATCA has caused. Yet we know the damaged caused is so obvious to everyone — even its supporters — that there has to be a logical way to explain the 6th Circuit’s massive failure to see what everyone knows. One theory is that the FATCA disaster is so massive, like a atomic blast, it temporarily blinds certain observers, making them unable to make use of their faculties. In this article, we will help anyone so confused to make sense of FATCA. We will focus on just one example, just one victim of FATCA, Donna-Lane Nelson. Ms. Nelson is a plaintiff in the FATCA lawsuit. She tells us her story in detail and talks about how FATCA robs opportunity from regular Americans every day.

A couple of weeks ago, we spoke about US tax treatment of Australian Superannuation funds. We received some feedback about how these funds should be treated, and what IRS reporting forms are required. In this video, we reply to the feedback we received.

Anthony and I had the opportunity to speak to Bruce McGuire, the Founder and President of the CT Hedge Fund Association, and also the managing partner at Global Alpha Research. He helped us to understand just how much Hedge Fund investors benefit Connecticut’s economy.

The Parent & Parent LLP Tax & Liberty Scholarship Writing Competition is part of our commitment to encourage open and honest debate about the trade-offs between the protection of liberty, as guaranteed by the U.S. constitution, and the enforcement of a tax based on personal income.

We have been working very closely with the team in Washington that has been trying to repeal the Foreign Account Tax Compliance Act (FATCA). But FATCA is only part of the problem. The problem is that US imposes universal tax jurisdiction, a relic of the US Civil War. Universal tax jurisdiction, otherwise known as Citizenship Based Taxation, is something no other civilized country does. The Republicans Overseas group an others are hard to eliminate this 19th century relic. In this article we will sow you what you can do to help

Too many people, realizing they have a problem with issing FBARs, Form 8938 and income overseas panic. They go to irs.gov and become convinced that they need to enter into the full Offshore Voluntary Disclosure Program (OVDP) — or else. The problem is that once you go full OVDP, you can’t go back, even if the Streamlined program was the most appropriate choice. In this article we will add some perspective on who should use the full OVDP and those who should use the Streamlined program.

Hurricane Harvey wreaked havoc on Texas. Now, Hurricane Irma is threatening Florida. The IRS is offering assistance to those in the affected areas.

US persons are taxed on their worldwide income, even if there is income generated in a tax-deferred account in another country. This is especially a problem for US Expats in Australia, and for Australian immigrants to the US who still have assets that earn income overseas. We recently came across an article claiming that the entire US tax industry is treating all Australian Superannuation funds incorrectly. And the writer of the article claims he has the best solution. No doubt the entire US tax treatment of Australian Superannuation Funds held by US persons is complicated and can be onerous. However, some cases are actually pretty simple. In this article we analyze the claims made and help clarify the issues so that the US holder of an Australian Superannuation can be empowered to make up their own minds if they have a big issue or not.

There is actually no such thing as the Carried-Interest Loophole. Try as one might, it is impossible to find a special tax rule that allows Hedge Funds and Hedge Fund managers to take advantage of the US tax code in a way that no other investor can. In this article we will explain the rules, and why any attempts at closing the non-existent loophole would necessitate the removal of long terms capital gains treatment — something that is completely infeasible.