When is a US taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number still need to understand the risk they are taking when they...
ABCast Episode 24 – US Expatriate Tax Planning – Part 1
In ABCast Episode 24 - US Expatriate Tax Planning Janathan Allen discusses important tax issues from the perspective of a US Expatriate. One of the first and most important thing to know for any US taxpayer is the United States taxes its citizens on all income they earn worldwide. US...
Estate Planning for Business Owners
What are some of the fundamental issues when estate planning for business owners? Why should every business owner have an estate plan? What are some of the primary issues to address in an effective estate plan for those who own an interest in a business or professional practice? What happens...
How Does the TCJA Sunset Affect Business Taxation Going Forward
The 2017 Tax Cuts and Jobs Act or TCJA has a number of important segments presently scheduled to expire on December 31, 2025. How does the TCJA sunset affect business taxation going forward? What planning could be accomplished to prepare for developments down the road? How likely is it for...
The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025
The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US taxpayer approach this risky contingency? Prudent investors and...
You Need to Review Your Irrevocable Trust
Do you employ an irrevocable trust or trusts as part of your estate plan? You need to review your irrevocable trust to ensure it still delivers the benefits intended. It is generally possible to modify an irrevocable trust, however, this requires expert guidance from an experienced tax and estate planning...
Quick Reminder to All Self-Employed Workers, Businesses and Estimated Tax Filers: Deadline Approaching
Just a quick reminder to all self-employed workers, businesses, and estimated tax filers: We are a week away from the Aprile 15 deadline for 2024 Q1 estimated tax payments. This includes many corporations, retirees, high income wage earners and expatriates who are required to “pay-as-you-go.” US taxpayers are required to...