Whoops! If this website isn't showing properly, it could be that you're using an old browser. For the full American Magazine experience, click here for details on updating your internet browser.
Money Magnet

Sign up to The American magazine's newsletters (below) to receive more regular news, articles and updates on America in the UK.

Success on GILTI tax for Overseas Americans
US Treasury makes concessions on tax for American small business owners abroad

Published on March 7, 2019

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

>> MORE NEWS

© All contents of www.theamerican.co.uk and The American copyright Blue Edge Publishing Ltd. 1976–2019
The views & opinions of all contributors are not necessarily those of the publishers. Whilst every effort is made to ensure that all content is accurate
at time of publication, the publishers, editors and contributors cannot accept liability for errors or omissions or any loss arising from reliance on it.