On Thursday, April 25th Simone Alting spoke about International Tax Policy at the Georgia Society of CPAs (GSCPA) Decision Makers Conference. Here is a snippet of what she covered:
Despite budget constraints and key vacancies, the IRS continues to target international issues and assert large penalties. The IRS is focused on FBAR violations, expanded foreign asset reporting duties, taxpayers who ceased participation in voluntary disclosure programs, implementation of FATCA weapons, deprivation of passports for tax debtors, automatic penalties for late information returns, compliance initiatives targeting foreign investors in U.S. rental property, foreign trusts, gifts to U.S. persons by expatriates, the new repatriation tax, and more. The presentation reviewed the latest international issues, cases, and rulings to keep income and estate tax professionals updated on this ever-changing area.