Transparency is one of the most controversial topics in international tax. On one hand, transparency is necessary for functioning tax systems taxpayers must be transparent with revenue authorities about their financial accounts, while revenue authorities must be transparent about how and why they obtain taxpayer data and how they make decisions.
On the other hand, taxpayers and revenue authorities often clash over just how much transparency tax systems should have. In 2020, 2021, and 2022 some of the largest issues in international tax centered around revenue authorities' ongoing quest to obtain more taxpayer information in several realms. They range from new financial products like cryptocurrency, to more traditional activities like disclosure of foreign bank accounts and foreign real estate.
In the following e-book compilation of International Wealth Tax Advisors' most read articles from 2020 through 2022, readers will see transparency-related issues appear in nearly every article.This is rather significant, considering that the compilation touches on a diverse array of international tax issues.
The following articles discuss topics like the proper tax treatment of cryptocurrency and taxpayers' disclosure obligations; disclosure obligations for foreign trusts, and cross-border financial secrecy and money laundering. The articles also discuss the Internal Revenue Service's ongoing scrutiny of foreign nationals and entities that hold U.S. real estate, as well as updates on U.S. tax law and legislation, including updates to the global intangible low-taxed income provision, and the implications of the Biden administration's $1 trillion infrastructure bill.
The diversity of these articles underscores the complexity that taxpayers must navigate in a growing international tax world. They also indicate that taxpayers are hungry for real-time education and updates so they do not run afoul of revenue authorities. This e-book anthology is one way to start that education.
Jack R. Brister, EA, MBA, TEP Managing Member and Founder, International Wealth Tax Advisors
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