THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
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Success on GILTI tax for Overseas Americans
US Treasury makes concessions on tax for American small business owners abroad
Victory is being claimed for small businesses run by overseas Americans as it's been confirmed that the US Treasury is granting a permanent form of relief to those affected by GILTI taxes.
Monte Silver, a US tax expert and prominent campaigner on this issue, writing for The American in July 2018 explained how GILTI taxes were affecting American expat business owners, and how the 962 election could help. Explaining the 'permanent' relief, Mr Silver has indicated that "Small business owners will be able avoid GILTI taxes if they make the 962 election."
Discussing the wider campaign on this subject, Mr Silver said that "There are certain ifs and buts to the election which we can discuss later. And the lawsuit aims for much more relief. But for now, sit back and relish a victory. I am unaware of any other expat tax advocacy effort that has ever won relief – permanent, or even temporary for that matter. So sit back and relish a victory. Together, we accomplished something very significant – all without lobbyists, organizations or money, just with focused effective grassroots effort. And the lawsuit we recently filed will accomplish much more!"
You can follow more details on Mr Silver's work via the Facebook group www.facebook.com/groups/americansmallbusinesses
