Tax Amnesty and US Territories
Over the past decade or so, the Streamlined Procedures have become the most successful amnesty program for U.S. expats looking to come into compliance with the IRS.
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The PFIC Tests and Review of New Regulations
When a U.S. expat invests in a business overseas, one of the key questions that should be addressed is whether the company structure is subject to the U.S anti-deferral regimes. One such regime is…
Read MoreUS Tax and Accounting Sanctions on Russia
The U.S. government’s support for Ukraine through economic sanctions recently reached the arena of accounting and tax services. The support has come from both President Biden and bipartisan groups in…
Read More2021 IRS Data Book and Enforcement Activities
This past week, the IRS published its annual Data Book, which offers a bird’s-eye view of the IRS’s activities during the past year, with a particular emphasis on enforcement activities, including…
Read MoreTax Treaties and Green Card Holders
The U.S. income tax and reporting obligations of non-U.S. citizens depend on the tax residency status of the individual.
Read MoreProposed Foreign Crypto Reporting
On March 28, the Treasury Department released its Green Book, explaining revenue estimates included in the fiscal 2023 federal budget. One of the Green Book’s highlights was the introduction of…
Read MoreTwo IRS Letters to Expect This Tax Season
The Internal Revenue Service announced recently that it has finished issuing information letters to advance child tax credit (CTC) payment recipients and to recipients of the third round of the…
Read More2022 Tax Deadlines for Expats
Now that the tax season has officially begun, we thought it would be worthwhile to review the key tax deadlines for U.S. expats during 2022.
Read MoreReasonable Reliance Defense Against 5471 Penalties
For U.S. expats owning a foreign corporation, reporting on the Form 5471 can be particularly challenging.
Read MoreRenunciation and the Risk of Double Taxation
For those considering renouncing their U.S. citizenship, the main potential tax concern is the so-called “exit tax,” which is a tax on the built-in appreciation in a covered expatriate’s property…
Read MoreTax Election Planning When Immigrating to the US
When immigrating to the United States, there are a number of tax planning opportunities to consider. For company owners, a particular opportunity may be available known as a “check-the-box election,”…
Read MoreInfrastructure Bill Adds Rules for Reporting Cryptocurrency
On November 15, 2021, the $1 trillion so-called infrastructure bill was signed into law. While the bill is not heavily focused on tax provisions per se, it does contain some changes that affect the…
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