Per H.R. 3236 “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” signed into law by President Obama on July 31, 2015, due dates of FinCEN 114 (aka FBARs) and some IRS tax returns just changed. For tax years starting after December 31, 2015: Partnership tax returns (Form 1065) are due March 15th […]
Changes in Due Dates Read More »
Lawyer Patrick Poulin says he helped clients set up offshore corporations in the Caribbean. And that’s what he was working on when he flew to Miami from the Turks and Caicos last year to meet with two Americans who wanted him to invest $2 million from a real estate deal. Instead, they arrested him at
The New Money-Laundering Sting: Come to the U.S., Get Arrested Read More »
PFICs is a really complex area of international tax law. Special care is needed. For those who are new to this topic? Please scroll down to read my article below. If however, you are a more sophisticated investor, we discuss PFICs in the context of 1. Australia funds – – https://htj.tax/2021/07/us-taxation-of-australian-superannuation-funds/ 2. UK or United
Aspects of Estate Planning for Persons with U.S. Connections
Aspects of Estate Planning for Persons with U.S. Connections Read More »
Many of our clients are entrepreneurial and some of these have online businesses. So taxation in the online space is always a hot topic. For US domestic persons, the question is somewhat simpler at the Federal level but becomes complex at the State level. For foreign persons selling goods to US consumers however, it can
E-Commerce and Taxation Read More »
I previously wrote about the amnesty program in general, and streamlined procedures in particular. Most agree that it is critical to contact the IRS before they contact you. At the same time, many tax professionals get concerned when it is suggested that a taxpayer just quietly file prior year returns outside of any amnesty program.
Entrepreneurs need to be aware of the 83(b) election. In simple terms, you are taxed on any equity compensation that you receive in the same way that you are taxed on your other income. The IRS requires you to pay taxes on that equity compensation in the year that it is actually transferred to you.
Entrepreneurs and the Section 83(b) Election Read More »
fatca Taxpayers in the 2014 OVDP face a 50% penalty if they had accounts at any of the following: UBS AG Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd. Wegelin & Co. Liechtensteinische Landesbank AG Zurcher Kantonalbank swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung
IRS updates its list of Bad banks Read More »
Each U.S. citizen and permanent resident must report worldwide income to the IRSeven when paying taxes elsewhere. Moreover, you must file an annual FBAR (Foreign Bank Account Report now called FinCEN Form 114) disclosing your foreign bank accounts if their aggregate value exceeds $10,000 at any point during the year. The penalties for either failure
If I am a signatory on my employer’s bank accounts, do I need to report that? Read More »
This week, HM Revenue and Customs (HMRC) confirmed that UK financial institutions (FIs) that have no US-reportable accounts will not be required to submit annual ‘nil returns’ in order to ensure compliance with new rules designed to prevent tax evasion by US citizens. The change comes after the US Internal Revenue Service (IRS) updated its