2014 Tax
                Talk

Summary

  1. US Tax Law Developments:
    1. Passport Revocation or Denial for unpaid taxes
    2. IRS Paris Office Closed
    3. Income tax rates, Estate and Gift rates and exemptions
    4. Itemized Deductions and Personal Exemptions Phase-outs
    5. Foreign Earned Income Exclusion
    6. Changes to Calculations of Child Tax Credit

  2. French Tax Law Developments:
    1. Electronic Filing Mandatory
    2. Income tax rate
    3. Wealth Tax
      Social Charges
    4. Capital gain from the sale of shares

  3. Economic Forecast:
    1. Our vision

  4. Useful links
  5. Useful download

US Tax Law

Passport Revocation or Denial for Unpaid Taxes in Excess of $50,000


On December 4, 2015, Congress passed into law the Fixing America’s Surface Transportation Act, H.R. 22 that allows the revocation, denial or limitation of any person’s US passport who the IRS certifies has a seriously delinquent tax debt.


Highlights of tax law changes affecting 2016 returns and 2015 income are summarized in the following document to download (PDF reader required):

French Tax Law Developments

Electronic Filing Mandatory (Télédéclaration)


From 1 January 2019, all income returns will have to be filed electronically for taxpayers having an internet access. Electronic filing of the annual income tax return would be phased in over a four year period. During this transition period, only taxpayers whose income exceeds a specified threshold would be required to file electronically.


Highlights of tax law changes affecting 2016 returns and 2015 income are summarized in the following document to download (PDF reader required):







Economic Forecast

As much as the New Year may imply change, where economic fundamentals are concerned such change is largely limited to a single digit in the calendar date. For three such consecutive calendar changes we at Simonard and Sorel have accurately forecasted tightened tax collecting driven by an anemic global economy.  Last year we called the bursting of the BRIC bubble, and emphasized that governments were in no position to relax on taxes. This year we're sticking to our guns and repeating these calls because the change to a single digit on a calendar is cosmetic compared to the permanence of underlying dynamics.