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On November 18, 2013, the IRS announced that the foreign earned income exclusion amount under §911(b)(2)(D)(i) is going to be $99,200 for tax year 2014. This up from $97,600 in 2013 and $95,100 in 2012. Generally, if a qualified individual meets certain requirements of I.R.C. §911, he may exclude part or all of his foreign […]
The Internal Revenue Service recently announced an annual inflation adjustments for the tax year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers include the following […]
On October 31, 2013, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds […]
As the voluntary disclosure program for Swiss Banks proceeds at a rapid pace, the question number one among U.S. international tax attorneys is what will happen to the undisclosed bank accounts in Switzerland. In order to understand the impact of the US Department of Justice (“DOJ”) the Program for Non-Prosecution Agreements or Non-Target Letters for […]
On November 14, 2013, the U.S. Department of the Treasury announced that the United States has signed an intergovernmental agreement (IGA) with France to implement the Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, France FATCA IGA aims to curtail offshore tax evasion by facilitating the exchange of tax information. With France FATCA IGA, […]