Is Citizenship Becoming The New Banking Requirement?
Forbes contributor Virginia La Torre Jeker reports that Treasury Secretary Scott Bessent signaled an upcoming executive order that would require U.S. banks to verify the citizenship or nationality of every account holder. The proposal would shift the current Customer Identification Program from pure identity verification to confirming legal status, a change not yet codified but gaining regulatory momentum. If adopted, banks would need new documentation processes, affecting dual nationals and the many Americans without a passport. The move aligns banking oversight with immigration, tax and national‑security objectives.
1% Remittance Tax Targets How You Pay, Not Who You Are
Starting Jan 1 2026, the U.S. will impose a 1% federal excise tax on outbound remittances funded with cash or cash equivalents. The tax applies based on the sender’s location, not citizenship, and exempts transfers financed through bank accounts, debit, credit or...
Trump Accounts Exclude Thousands Of Children Of Americans Abroad
The Treasury’s new Trump Accounts program offers tax‑advantaged, government‑seeded savings accounts for children, but eligibility is limited to U.S. citizens under age 18. Because citizenship transmission abroad requires a parent to meet strict physical‑presence rules, many children of American expatriates...
Marrying A Non-U.S. Citizen? Your S Corp May Be At Risk
U.S. citizens who marry nonresident aliens risk losing S‑corporation status because foreign community‑property rules can automatically attribute ownership of the business to the spouse. Under the immutability principle, the community‑property regime may continue to apply, making the foreign spouse a...
Marrying A Non-U.S. Citizen? Your S Corp May Be At Risk
U.S. citizens who marry non‑resident aliens risk losing their S‑corporation election because community‑property regimes can deem the foreign spouse a shareholder. Under the immutability principle, ownership rules from the couple’s first habitual residence may persist, automatically invalidating the S status...
Home Sale, Forced To Sell Abroad? U.S. Tax Rules In Uncertain Times
Heightened geopolitical tensions in the Middle East are forcing U.S. expatriates to consider rapid relocations and the sale of their homes. The article explains how Section 121 of the Internal Revenue Code permits a $250,000 (or $500,000 for married couples)...
Crypto’s FATCA: Can CARF Close Tax Loopholes If IRS Can’t Keep Up?
The OECD’s Crypto‑Asset Reporting Framework (CARF) will extend automatic exchange of cryptocurrency data to nearly 50 jurisdictions, aiming to mirror FATCA’s offshore‑account transparency. At the same time, the IRS’s crypto‑focused investigative staff fell 33% in 2025, reaching its lowest level...