Author: Сергей Панов

1,380 US taxpayers give up their passports or green cards in the third quarter of 2016, which is the second highest quarterly report, according to Treasury statistics, published in the Federal Register. A record number of 1,426 people was seen in the third quarter of last year. In the second quarter of this year, only 508 people abandoned their passports or green cards, as compared to the total amount of the second quarter in 2015 of 460 citizens. Treasury said that so far this year, 3,046 taxpayers renounced their citizenship, that is, less than 3,221 citizens who have done so in the first three quarters of 2015, and 3,415 taxpayers have given up everything in 2014. Increasing the number of people who refuse citizenship, especially from 2013, coincided with increased actions by the Treasury and the Internal Revenue Service, to track US undeclared assets and held abroad income in particular, through the application of Foreign Account Tax Compliance Act (FATCA) and the requirement to file a report of foreign bank and financial accounts. According to the authorities, Americans who live abroad are becoming more aware of their US tax reporting obligations. In particular,...

1 November, the president of "Americans for Tax Reform" (ATR), Grover Norquist submitted a comment to the letter dated US Treasury Secretary Jacob Lew, counteracting the proposed decision, which will lead to an increase in the property tax (or "tax on death," as it is called). Under the current tax rules of real estate in accordance with Section 2704 of the Code of Internal Revenue, the fair market value of a share in the family business, which shall be held no current market - is not available on the basis of the test is "ready-seller willing-buyer". However, the proposed changes would allow the Internal Revenue Service in the future to produce much higher estimates, limiting the use of discounts. Norquist explained that "for families affected by the tax on the death of the two allowed discounts when determining the value of their property, lack of control discount and lack sold off. The lack of control discount can be claimed when the family has a minority ownership stake in the asset as a result of then a lower cost on the open market in holding the asset. The lack of marketability discounts apply when the asset is owned by the family and can not be easily eliminated due to...

October 19 at the third and final debate before the election in the United States, the Republican candidate Donald Trump and the Democratic candidate Hillary Clinton confirmed each their widely differing tax policies, without providing any further details. In response to a question on tax policy, Clinton wants to provide a means for economic growth and "support of the middle class families," stating that "the rich should pay their fair share." He reiterated, however, that "will not raise taxes for those earning USD250,000 and a dime will no longer pay the state." In contrast, he said, the plan "Trump created for large tax cuts, which have ever been. His plan is to give the biggest tax breaks for all the rich and the great corporations, adding USD20 trillion of our debt. This action is not justified . We tried to do it, did not work." Trump said that his plan to raise taxes - it's a disaster. ... We're going to cut taxes massively. We will reduce taxes on business and on a large scale. We're going to return to USD2.5 trillion in the country that have left as a result of offshore business. We're going to start this process. He also said that he would re-negotiate the existing...

The US Treasury and the Internal Revenue Service (IRS) issued a notice 2016-52, which declares its intention not to allow the US multinational, which has been the subject of foreign-initiated adjustment of the tax the use of foreign tax credits with no corresponding income repatriation. The notice was issued subsequent retroactive studies by the European Commission (EC), against US tax practices of transnational corporations, state aid, since a claim against Apple in the amount of up to EUR13 billion (USD14.5 billion), plus interest. Treasury Secretary Jack Lew has recently pointed out that the EC 'actions also threaten to undermine the corporate tax base of the United States. US companies can claim foreign tax credits to the account of the United States tax for any tax-related payments to the Member States." IRS will negate any attempt to divide the affected company additional taxes payable of related income, and thereby reduce their US tax bills. Separation of probable foreign taxes from the corresponding revenues will now be prevented, as a rule, putting the right to request loans is income not included in the taxable income of the United States. New rules in...

During his performance in Economic club in Detroyt 8 of August, republican, candidate of president, Donald Trump change his programme of tax cutting, particularly as to previously announced cutting of income tax rate for private individuals. Cutting of tax income, what flow from Trumps tax reforms can put more than USD9.5 trillion over ten years. As this deficit had been created largely at the expense of cutting individual income tax rate. His first proposition can help to cut childcare disbursements, let to parents completely take away the cost average cost of childcare disbursements from them taxes. As to business tax, Trump approved that he will provide tax rate cutting of all business to 15 percent. He said that the small companies would take away maximum profit from this plan. He also would like to take back trillions of dollars from American firms, which at the present has been based abroad. Corporative delay of foreign income will liquidate and corporative income at present time are providing abroad in international corporation by USA taxed at a reduced repatriation rate of 10 percent. Author: Olena Kutova senior lawyer of the...