Integrative legal, tax, accounting, and business advisory services are more critical than ever as we address the challenging environment of continuous change. Seek change; wherever you find it, opportunity will exist. The speed of business has rapidly accelerated in recent years, and the ability to resolve problems and take prompt...
A New Wave of U.S. Expatriate Income Tax Refunds?…
Is a new wave of U.S. expatriate income tax refund applications on the table? The answer to this question hangs in the balance as we await an appeal on the question of whether or not specific Foreign Tax Credits can be applied to offset the Net Investment Income Tax (NIIT)....
Surprising IRS Tax Bracket Changes for 2025
Have you come across the surprising IRS tax bracket changes for 2025? Yesterday, the IRS released the 2025 income tax brackets for U.S. taxpayers. The inflation adjustments to tax brackets were a pandemic-boosted 7% for 2023 and 5.4% for this year's 2024 brackets. However, the annual increase in IRS tax...
The Action Cryptocurrency Investors Need to Take Immediately
What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development? Here is the short answer: If you don’t take action, you will pay substantially more tax than you otherwise should on every...
The IRS Digital Asset Broker Reporting Requirements
The IRS digital asset broker reporting requirements were finalized earlier this year and impact all digital asset (i.e., cryptocurrency and Non-Fungible Tokens or NFTs) transactions beginning January 1, 2025. What do investors in digital assets need to know? How will these new regulations affect U.S. and international digital asset exchanges...
IRS Revisions to the Voluntary Disclosure Program for 2024
What are the IRS revisions to the Voluntary Disclosure Program for 2024? The foundation of the current IRS Voluntary Disclosure Program (VDP) goes as far back as 2009 when the agency worked to provide U.S. taxpayers with a way to come into compliance with unreported or under-reported offshore income and...
The IRS Extension Deadline is in One Week
The IRS extension deadline is in one week, Tuesday, October 15, 2024. This is the last date for most U.S. taxpayers with extensions to file their 2023 federal income tax return without incurring late filing fees and other penalties. This year there are many exceptions. The weather has presented one...
Update your Trust and Estate Plan Regularly to Protect Your Interests
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential scenario. "We were meaning to make some changes when Bob's health rapidly declined -...
The Statute of Limitations for an IRS Audit
What is the statute of limitations for an IRS audit? What rules extend the window for an IRS audit? How long does the IRS usually have to complete an audit of your taxes? Everyone may have a little fear in the back of their minds while filing their taxes, perhaps...