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IRS To Revoke 260,000 American Passports

The IRS has started action to revoke 260,000 US passports

The US Internal Revenue Service has started action to revoke the citizenship or residence rights of at least 260,000 US individuals due to significant tax debts, according to law firm Dickinson Wright

The tax collector and the State Department have begun the enforcement of an existing law that enables them to deny passport applications or revoke existing passports due to outstanding claims.

The IRS has stated it plans to use the power against US citizens who owe more than $51,000 in taxes and penalties.

Deadline for FATCA FFI agreement quietly extended

FATCA FFI decline extended

Accounting industry sources have flagged up the fact that the Internal Revenue Service (IRS) is now stating that the deadline for FFI Agreements to be renewed is October 24, 2017.

This is the new date by when foreign financial institutions located outside of the US , that wish to remain compliant with the Foreign Account Tax Compliance Act (FATCA) – thus retaining their GIIN (Global Intermediary Identification Number) – are obliged to update their FFI Agreement.

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