Over the past several years, Americans have seen a series of changes to the US Tax Code, starting with the Tax Cuts and Jobs Act which went into effect in 2018, to the CARES Act passed in March of 2020, to the American Rescue Plan Act passed in March of 2021. Since the passage of the Inflation Recovery Act last year, there have not been any major changes to federal statutes.
During this period, however, the US judicial system has been especially active, issuing rulings that set some very important precedents which US taxpayers should know about.
In this year’s US tax update, the AMCHAM Tax Committee will be focusing on some recent case law that can potentially impact U.S. taxpayers doing business in Thailand. Some of the topics that we’ll be presenting on include the following:
• The outcome of the SCOTUS ruling regarding FATCA reporting standards.
• IRS ability to issue civil penalties for international information returns.
• Procedures for Passport Certification in case of delinquent US tax debt.
• IRS enforcement of failure to report Foreign Sourced Income and cryptocurrency transactions.
• Implications of a pending SCOTUS case regarding the federal government's ability to tax unrealized income.