The IRS Is Increasing Audits of Nonresidents with US Rental Properties
Last week, the IRS announced that it will increase audits and scrutiny on nonresidents with US rental properties. This move is part of the IRS’s campaign, launched on October 5, 2020, to improve the timeliness and accuracy of returns filed by nonresidents (including G-4 [...]
Nonresidents Face Delays Receiving Cash from the Sale of US Homes
If you are a G-4 visa holder or other nonresident, selling your home in the US this year has been tough. The housing market hasn’t been the problem. In fact, home sales have been booming in many areas. Instead, the problem has been getting [...]
What the Mail Backlog at the IRS Means for You
The IRS’s backlog of mail has reached historic proportions. Whereas under “normal conditions,” the IRS advises taxpayers that it generally takes 6 to 12 weeks to process any tax returns and correspondence mailed to the agency, 2020 has been far from normal. How big [...]
The Impact of RBG’s Death on Your Past Tax Returns
US Supreme Court Justice Ruth Bader Ginsburg passed away on Friday, September 18, 2020. Ginsburg’s passing has ramifications upon multiple fronts based on both her iconic presence and long-term judicial standing. With Ginsberg’s death, one of the many issues now in question is the [...]
New IRS Guidance Allows Owners of Foreign Trusts and Retirement Accounts to Get Past Penalties Refunded
On March 2, 2020, the IRS passed new guidance making tax filings easier for certain US taxpayers with foreign pensions, retirement accounts, and savings trusts outside the US (see Rev. Proc. 2020-17). Specifically, it created two new “safe harbors.” Taxpayers whose retirement or other [...]
Do Your Foreign Retirement Accounts Qualify for Better US Tax Treatment?
On March 2, 2020, the IRS announced two new “safe harbors” for certain US citizens, green card holders, and other US tax residents who own foreign pensions, retirement accounts, and savings trusts (see Rev. Proc. 2020-17). It also offered relief from certain penalties for [...]
IRS Gives Big Break to US Taxpayers with Pensions and Retirement Accounts Outside the US
If you own the foreign equivalent of a 401(k) plan or an IRA, then you might reasonably assume that, under US tax law, the IRS would treat your foreign account the same way it treats US 401(k)s and IRAs. You might assume that your [...]
Will Passengers Stranded on Cruise Ships Due to COVID-19 Become US Tax Residents?
As of May 2, 2020, over 40 cruise ships were dealing with positive cases of the COVID-19. The New York Times published an article on April 14, 2020, pointing out that over 80,000 crew members were stranded on 100 cruise ships. There is great [...]
