What is an FBAR, and what information is a U.S. taxpayer required to report to the U.S. Government and the IRS? There are many questions about the requirements for U.S. taxpayers with foreign accounts, investments, and assets, as well as the exchange of financial information between the IRS and Foreign...
Are you Thinking of Moving to Another Country – A Few Things to Consider
Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to become a U.S. expatriate. The European Union, through its official...
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...
An IRS Audit Doesn’t Have to Be a Nightmare
An IRS audit doesn't have to be a nightmare of financial and emotional fear. How do most US taxpayers react when they receive an audit letter from the IRS? What are the actions you can take to not only improve the likelihood of the best possible outcome in an IRS...
What is the IRS Offshore Voluntary Disclosure Program?
What is the IRS Offshore Voluntary Disclosure Program and who is it designed to help? What are the guidelines for voluntary disclosure to the IRS and who is eligible to apply? The IRS Offshore Voluntary Disclosure Program is designed for US taxpayers who have not made a full disclosure of...
IRS Tax Refunds are Lower for Tax Year 2023 Thus Far
Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one troubling statistic according to the...
Is there a Target on Short-term Rental Homes for New Taxation?
Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable? Presently, homeowners can generally earn tax-free income if their home is a short-term rental for 14 days or less in a given tax year, based...
A Decision in US Tax Court Affects Limited Partners and SECA
A recent decision in the US Tax Court affects limited partners and SECA – the Self Employed Contributions Act. In this case, Soroban Capital Partners LP (a hedge fund management company) was formed as a Delaware limited partnership and had excluded self-employment tax (under SECA) and associated levies on millions...
Could an Upcoming Supreme Court Case Significantly Change US Tax Law?
Could a Supreme Court of the United States (SCOTUS) case significantly change US tax law? We are closely watching the developments in Moore v United States as it carries significant issues regarding “realized” versus “unrealized” income, and the repatriation of accumulated foreign earnings. The stakes could not be higher. Realized...