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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....

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...