Global Feed

Here's some United Kingdom news that's much more exciting than the blowout NFL game played today in London. Two million married couples in Great Britain are missing out on their share of £1.3 billion ($1.76 billion U.S.) available via a marriage tax break. It's official, this bride indicates, by showing off her wedding band. (Photo by Pulathi Talagala via Flickr CC) Those unclaimed billions were calculated by Royal London insurance group after it received data from HM Revenue and Customs (HMRC; the U.K. version of America's Internal Revenue Service) following a freedom of information request. HMRC figures show that only... Read more →


If compassion fatigue hadn't set in after the back-to-back-to-back hurricanes that roared across the Atlantic, laying waste to much of Texas, Florida, Georgia and many Caribbean islands, it probably did when Mexico got rocked within two weeks by two massive and deadly earthquakes. A group of American tourists were literally rocked when their Sept. 19 Mexico boat ride was interrupted by a 7.1 magnitude earthquake. Click image to watch full YouTube video. Many of the small tropical islands were particularly hard hit by Hurricanes Irma and then Maria. Both were major hurricanes. Both covered wide areas. The mass of the... Read more →


Bitcoin continues to confound financial and tax officials worldwide. BTC China, the country's first and largest digital currency exchange, announced Thursday, Sept. 14, that would stop trading by the end of the month. One reason apparently is the Chinese government ban instituted days earlier of fund-raising for new digital currencies. Although China embraced Bitcoin trading, the virtual currency's growth has increasingly worried the nation's regulators. One of the concerns was tax evasion. "Because it is traded anonymously and peer to peer, Bitcoin makes it easy for money laundering and tax evasion," Sheng Songcheng, an adviser to the People's Bank of... Read more →


Colorfully coiffed "Girls Trip" friends Jada Pinkett Smith, Tiffany Haddish, Regina Hall and Queen Latifah partying in New Orleans. I've been a film fanatic from an early age. It started when I was a back-seat viewer on the family's regular summer night trips to the drive-in. Movies were a much needed break from real life in terrible times, like when Mom took my little brother and me to see "20,000 Leagues Under the Sea" to get us away from the news of JFK's assassination. And the annual airing of "The Wizard of Oz" was must-see TV in our house, especially... Read more →


Congress is looking to revise at least part of the bloated U.S. tax code in the coming months. In addition to reducing taxes, lawmakers say they want to make things simpler for taxpayers. In support of this argument, politicians and policy groups often point to the Internal Revenue Code’s complexity and compare it unfavorably to other nations. Our closest ally, however, shares a lot of the same tax troubles, at least according to one British economics writer. Growing British tax code: "Every [English] government promises to simplify taxes. None succeeds. We need more scrutiny of schemes that are too easy... Read more →


India tax officials say their effort to reduce large stashes of illicit cash has led to markedly more tax compliance. Such efforts to get more taxpayers to be honest are ongoing globally, including by the Internal Revenue Service here in the United States. 500 and 1000 Rupee notes that were recently demonetized by the Indian government. It’s no secret that the Internal Revenue Service looks much more closely at business that are cash heavy. The IRS, supported by other government studies, has found that cash intensive companies — which are, as the name indicates, businesses that receives a significant amount... Read more →


The Trump Administration announced Wednesday, Aug. 2, support for an immigration plan that would dramatically reduce the number of people allowed to live and work in the United States. The president might want to rethink that. Newcomers could be needed to fill the slots left by people who are voluntarily leaving the country. Yes, I know it’s apples and oranges. But the apparently coincidental timing of the effort to limit immigrants as even more citizens and long-term residents permanently leave is striking. Surge in U.S. exits: The announcement of the latest group of expatriates, which will be officially published today,... Read more →


Happy World Emoji Day! It's held on July 17 each year as a way to promote the use of emojis — like we need to do that! — and, according to Emojipedia (really!), spread the enjoyment that the colorful icons bring. The enjoyment goal got me thinking of how emojis might make one of our worst tax tasks more pleasant. I'm talking, of course, about our annual filing of returns. Most of us already use tax software. Surely it wouldn't be that difficult to incorporate the option of adding emojis to the lines we fill electronically complete. Dressing up your... Read more →


That colorful glob pictured above is Tropical Storm Bret. It formed this afternoon, kicking the 2017 Atlantic-Gulf of Mexico hurricane season into a higher gear. While images from the National Oceanic and Atmospheric Administration can give us — and by us, I mean professional meteorologists — an indication of a storm's strength, what you and I really want to know is where the heck is this mess? Tropical Storm Bret is born: The purple map lines in the image are a bit hard to see, but my U.S. readers can breathe easy, at least for now. Bret is off the... Read more →


It may be summer, but for some folks, Tax Day is coming up again on Thursday, June 15. That day is the deadline that millions of Americans face to pay their second estimated tax amount for the 2017 tax year. It's also the due day for U.S. taxpayers living abroad to file their 2016 tax returns. Estimated tax time again: The U.S. tax system is based on the premise that the U.S. Treasury gets its portion of individual taxes as we earn our money. For most of us, that happens via payroll withholding from our checks that we get from... Read more →


Most Americans living abroad don't like the U.S. requirement that they have to send the Internal Revenue Service a Form 1040. That's one of the findings in Greenback Expat Tax Services most recent annual survey of U.S. expatriates. If your trip abroad turns into something more permanent, you'll have many U.S. expatriate issues to consider, including taxes. (Photo courtesy Those Dam Americans blog) Sixty-six percent of expats queried earlier this year told Greenback they don't believe they should be required to file a U.S. tax return while they are living outside Uncle Sam's borders. That more than two-thirds percentage is... Read more →


David Beckham made part of his estimated $450 million net worth as an underwear model. With big bucks like that, it's no wonder he went looking for ways to lower his Great Britain tax bill. But one attempt looks like it could cost him. (Billboard photo by torbakhopper via Flickr) Some major sports and entertainment stars face tax bills after United Kingdom tax officials rule a film venture they invested in was a tax avoidance scheme. David Beckham, whose international celebrity status continued beyond the football (soccer for my U.S. readers) pitch (field for my U.S. readers), and his wife... Read more →


Donald J. Trump's first official overseas trip as president included a stop in Italy. He's back in Washington, D.C., now, but that country and a tangential tax connection to Trump has popped up in international news reports. Thomas J. Barrack Jr., a real estate mogul and friend of Trump, reportedly is under investigation by Italian authorities for alleged tax evasion. Thomas Barrack, founder of Colony Capital, in a 2012 interview with The Leap TV discussing making movies and deals, such as saving Michael Jackson's Neverland Ranch from bankruptcy. (Click image to watch YouTube video clip.) Luxury resort sale alleged Luxembourg... Read more →


Memorial Day in the United States is the biggest day in motorsports worldwide. The starting lights in Monte Carlo signal the beginning of the glamorous F1 race in Monaco. Next, the green flag drops at Indianapolis Motor Speedway to get the cars rolling in the Indy 500. The day wraps up with the checkered flag in Charlotte, North Carolina, marking the end of NASCAR's longest race of its season. While race fans across the globe will watch at least some of the races, law enforcement officials in Thailand and the United Kingdom are focusing on other vehicles. Pol Lt-Colonel Korrawat... Read more →


In an exclusive NBC News interview with Lester Holt, the president mentioned the letter, released today, that discusses what his attorneys say show only tangential connections to Russian money. Click image to watch the full NBC news interview. Still no Donald J. Trump tax returns, but today we got another letter from his lawyers regarding his taxes, specifically whether there was any Russian-sourced income on his filings over the last 10 years. The letter, from partners Sheri Dillon and William Nelson of the Washington, D.C., branch of international law firm Morgan Lewis, was addressed to Trump and "hereby confirm[ed] the... Read more →


People who live in storm ravaged areas of Georgia, Louisiana and Mississippi have enough to worry about, so the Internal Revenue Service says they don't have to worry about filing their taxes next Tuesday. Neither do U.S. military personnel who are in combat zones. A Federal Emergency Management Agency (FEMA) worker assesses damage in Georgia from late January 2017 storms and tornadoes. (Photo courtesy FEMA Facebook) Major natural disaster victims: Taxpayers in several areas deemed major disasters — the IRS keeps a running list of tax-affected disaster areas —qualify for more time to file their tax returns and pay any... Read more →


As if you and your tax adviser weren't already crunched enough in April, this filing season there's a new deadline for folks who have money or other assets in foreign accounts. FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is now due on the regular federal individual tax return's April deadline — that's the 18th this year because the 15th is on Saturday and Emancipation Day falls on Monday, April 17 — instead of June 30 as it has been in previous years. The good news is that your FBAR filing can be extended until October. And... Read more →


The Congressional investigations into alleged improper Russia-Trump Administration connections are attracting worldwide attention. Click image to watch the NBC News clip of Vladimir Putin paraphrasing a famous U.S. tax quote. Even Vladimir Putin, Russia's president and Donald J. Trump's sometimes bromantic partner, chimed in on the issue of his country's hacking of computers during America's 2016 presidential election. "Ronald Reagan, debating about taxes and addressing the Americans, said, 'Watch my lips.' He said, 'No. Watch my lips. No,'" Putin said through an interpreter during a CNBC-moderated discussion March 30 at the annual Arctic Forum in the Russian city of Arkhangelsk.... Read more →


Did you hear the Amazon.com tax news? No, I'm not talking about the online retailing giant's decision to collect sales tax in all the U.S. jurisdictions that have the levies. A U.S. Tax Court ruling on Internal Revenue Service attempts to collect more tax from an Amazon U.S.-Luxembourg arrangement went the global internet giant's way, saving it billions in taxes. The Seattle-based company also was a big winner last week when it comes to paying tax. We're talking $1.5 billion big. That's how much a U.S. Tax Court ruling on March 23 apparently has saved Amazon. European location, U.S. taxes:... Read more →


The United States and Canada share more than the world's longest undefended border. They also share attacks by cyber criminals on their online tax systems. A sign at the point where the railroad crosses the U.S.-Canada border at Peace Arch Park. This is the westernmost point on the continuous main section of the border. (Photo by Vmenkov via Wikimedia) Canada Revenue Agency’s website was down from the afternoon of Friday, March 10, until 5 p.m. Sunday, March 12, after tax officials discovered the site had a security vulnerability. South of the 49th parallel on Thursday, March 9, the Internal Revenue... Read more →