International tax pressures continue to mount as Europeans blacklist the Cayman Islands and 3 others as tax havens. The finance ministers of the European Union (EU) have identified The Cayman Islands (a British overseas territory) as well as the Seychelles, Palau and Panama. According to the EU these jurisdictions have...
Costly Facts About IRS PFIC Rules US Taxpayers Should Know
What are some other unfortunate and costly facts you must know about IRS PFIC rules and your investments? There has been a growing issue with Passive Foreign Investment Company or PFIC designations by the IRS. US taxpayers are consistently surprised to learn that their investment qualifies under IRS PFIC rules....
Proven Business Experience in Challenging Times
What is the value of proven business experience in challenging times like these? What if you could draw upon the experience of an executive who has served as the CEO of a publicly traded company with millions in revenue and as Director of Manufacturing Operations for a major international telecommunications...
Is Bitcoin Triggering IRS FBAR Reporting Requirements?
Is your investment in a cryptocurrency such as bitcoin triggering IRS FBAR reporting requirements for your tax return? What are the potential penalties for failing to disclose your bitcoin holdings, especially if they are housed in an offshore exchange? if you have amassed more than $10,000 in your digital wallet or...
The IRS Begins Accepting 2017 Tax Returns
The IRS begins accepting 2017 tax returns as tax season is upon us. Allen Barron is uniquely structured to prepare and file your international, domestic, business and personal tax returns. Our tax attorneys are supported by Allen Barron's accounting professionals as we work toward this year's deadline of April 17. ...
IRS Establishes an Enforcement Initiative for Cryptocurrencies
Those who have invested in Bitcoin and other virtual currencies should take heed as the IRS establishes an enforcement initiative for cryptocurrencies and how US taxpayers report these on all tax returns. The IRS believes millions of transactions involving US taxpayers have occurred with exchanges such as Coinbase, and is...
Changes to Accounting Rules Affect Realization of Income for Public Corporations
Recent changes to accounting rules affect realization of income for public corporations to take effect December 15 of this year. The new accounting standard will have an impact on the details companies must capture affecting everything from corporate financials to domestic and international tax accounting. The new rules replace virtually...
Initial Analysis of the Proposed Corporate Tax Plan on International Business and S Corporations
Our initial analysis of the proposed corporate tax plan on international business and S Corporations shows a mixed bag of moving pieces. Generally speaking, the plan calls for a corporate tax cut from the present rate of 35% to 20%. One interesting component is the replacement on the tax of...
New Tax Proposal Includes a 25% Pass Through Corporate Tax
While it is far too soon to draw conclusions on Washington's proposed tax reforms, the impact on LLC and S Corporations looks to be significant. The new tax proposal includes a 25% pass through corporate tax which could affect the majority of American business owners. Pass through profits are presently...