Rand Paul Isn’t Giving Up on FATCA Repeal
Sen. Rand Paul recently re-introduced a bill that would repeal key provisions of the Foreign Account Tax Compliance Act (FATCA), which has been causing an international uproar, especially among US expats. FATCA requires individuals to report specified foreign financial assets if they exceed certain thresholds. Last year, foreign financial institutions began reporting on the accounts of their American clients, which is reportedly causing serious banking issues for expats. Some banks are choosing not to work with American clients in order to avoid the burden and hassle of FATCA reporting.
Paul said that the law “has threatened the livelihood of millions of Americans working or living overseas” and “is in complete violation of every Americans’ constitutional right to privacy and adds burdensome regulations that negatively impact our economy.”
Get the full scoop on Rand Paul’s efforts to repeal parts of FATCA in this article!
What Legal Fees are Deductible?
It’s tax time and everyone is looking for ways to reduce their taxes–can you deduct your legal fees? In this Forbes article, Robert Wood outlines the types of legal fees you can deduct from your 2014 Federal Tax Return. Unfortunately, personal legal fees, such as those incurred during a divorce, are not deductible. But investment expenses are!
Check out this article to see what business or investment legal fees you can deduct!
Are you retiring in 2015?
If you turned 70 1/2 in 2014, the IRS wants to remind you that in most cases, you must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015. The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.
Learn more about your RMD distributions right here!
Looking for the latest expat tax updates?
Visit our blog each week for the latest news on taxes and other financial topics that impact Americans living abroad!