Latest News
- Urgent Call For Kuwaitization: Civil Service Commission Aims For...
- Kuwait Halts Work Permits For Egyptian Workers Amidst New Regula...
- Kuwait Weather Advisory: Strong Northwesterly Winds And Dust Ex...
- Kuwaiti MPs Express Concerns Over Halted Development Projects Am...
- Syrian Expat Teacher Detained For Allegedly Threatening Students...
- 10 Infrastructure Projects Nearing Completion In Three Growing C...
- Kuwaiti Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah Receives A...
- Kuwaiti Amir And Jordanian King Discuss Bilateral Ties At Basman...
- Internet Censorship Pact Condemned By MP-elect Bushehri
- Police Arrest Two Men Previously Convicted In Misdemeanor Cases
- The Theft Of 50 Birds In Kuwait’s Barr Abdaliyah Area
- Anti-Corruption Authority Efforts Embrace An Integrated Work Sys...
Bill Seeks To Lift Tax Liability On Foreign Income For Americans
On March 13 and 14, American Citizens Abroad (ACA) and American Citizens Abroad Global Foundation (ACAGF) hosted two webcasts updating the community on the recently introduced legislation, Tax Fairness for Americans Abroad Act (TFAA).
Introduced on Dec 20, 2018 by Representative Holding (R-NC), TFAA (H.R. 7358) would change the approach to taxing US citizens living and working overseas to a residency-based taxation – some call it territorial – approach. Americans overseas would no longer be taxed on income that is not earned in the United States.
This would bring the US in line with the global norm for taxation and would alleviate problems of double taxation and compliancy costs for millions of Americans overseas.
Invited to speak at the webcasts were Matt Stross, Tax Counsel for Representative Holding, ACA Legal Counsel Charles Bruce and, several tax professionals (March 13 bios) (March 14 bios). “ACA and ACAGF felt it important to have an update on the extensive work that Representative Holding’s office has been doing on this legislation and inform the community on next steps,” said Charles Bruce, ACA Legal Counsel and ACAGF Chairman. The proposed legislation would work off the Foreign Earned Income Exclusion (FEIE) and would create an exclusion for income earned outside of the United States by qualified non-resident US citizens.
Stross highlighted that staff is working with the Joint Committee on Taxation (JCT) and the House Office of the Legislative Counsel to better define “some of the trickier issues” such as how to define personal property and how to tax gains related to foreign property before the taxpayer qualifies as a non-resident citizen.
Stross noted that next steps included re-introducing of the bill in the new 116th Congress and assigning a new bill number and, requesting the Chairman of the Ways & Means Committee to hold hearings on the bill in order “to get [the bill] the attention it so rightly deserves”. Hearings by the House Ways & Means Committee will help to define issues, such as, whether failing to file a foreign bank and financial account report would disqualify someone from the legislation due to compliancy requirements, as was noted by Craig Thompson, independent tax advisor who participated in the webcast.
Stephane Lagonico, lawyer and independent trust and estate practitioner who also participated in the webcast, added that more definition is needed to understand how the legislation will interact with the other parts of the tax code. “Response to the webcasts has been very positive and the community has written ACA and ACAGF expressing how important it was for them to hear about this legislation from the Office of Representative Holding. ACA will be working to make the content from these webcasts more widely available in the coming days,” added ACA Executive Director Marylouise Serrato.
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
Comments Post Comment