Tax-Expatriation

Six Weeks, Three International Information Reporting Decisions –

Posted on October 1, 2023 Updated on October 1, 2023

taxnotes international published a recent article we prepared (myself, with Luz Villegas Banuelos and Sebastien Chain) –

The article was selected as the week’s Special Report and is made available to the public and released from the paywall. Normally, you need to be a paid subscriber.

The article covers three key interconnected cases.

In the space of just over six weeks, courts made three key judicial decisions. Those decisions helped clarify the requirements of individuals and the limitations on the powers of the IRS in assessing international information reporting penalties:

• title 31 penalties for foreign bank account reports;
• title 26 international information reporting penalties specific to reporting of ownership interests in foreign companies (and trusts¹); and
• how the federal statutory regimes of titles 31 and 26 cross over into international law as set forth in U.S. income tax treaties.

The three cases are interconnected and have significance for U.S. taxpayers with global lives, global assets, multinational family members, and businesses or accounts in different parts of the world.

Patrick W. Martin, et. al – Six Weeks, Three International Information Reporting Decisions (international taxnotes; September 18, 2023)