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Executive Order: US Professionals Can No Longer Provide Services to Clients inside the Russian Federation
As of June 7, US companies and individuals will be prohibited from providing services to anyone located within the Russian Federation, including US citizens living in Russia. Background On April 6, 2022, President Biden signed Executive Order 14071, prohibiting new investment and [...]
Why your Schedules K-1 may arrive later than usual this year
If you typically receive a Schedule K-1 from a partnership or S corporation, you may receive it later than usual this year. The IRS has created two new forms, Schedules K-2 and K-3, that many partnerships and S corporations must file this [...]
New Schedules K-2 & K-3 – FAQs for Individuals Who Receive K-1s
Will the new Schedule K-2 and K-3 filing requirements affect me? Although these new requirements mostly affect certain partnerships and S corporations, they may affect you if you are: An individual who receives a Schedule K-1 from a partnership or S corporation. [...]
The New FinCEN Beneficial Ownership Disclosures: What You Need To Know
The US Government is seeking to increase transparency around the “true” beneficial owners of U.S. entities or entities doing business in the US. In particular, the US wants to: Cut through all the layers of company ownership to identify the individuals or [...]
Why the US is the 2nd Largest Tax Haven in the World
For years, the IRS has complained about “tax havens” like Switzerland whose secrecy laws have enabled wealthy US citizens to hide assets offshore and (illegally) shelter their foreign income from US taxation. Since 2009, the US has made great strides in chipping [...]
How To Get IRS Help Faster amid Ongoing COVID-19 Delays
As of mid-2021, if you called the IRS, your chances of getting through to a live person were only about 7%. The IRS has not been able to adequately staff its phone lines or keep up with call volume for several reasons: [...]
11 Years Is Too Long To Wait for Mental Health Treatment
Yes, we are a tax firm. But this blog post has nothing to do with taxes. It is about a topic that is much more important. October 10 is World Mental Health Day, and mental health affects us, our employees, our clients, [...]
Why Has the Stock Market Soared While the Economy Has Been Struggling?
For the past 8 months, this question has been the most often-asked question of the team at Wolf Group Capital Advisors (WGCA), a sister firm of The Wolf Group. We recently connected with Bob Len, WGCA Managing Director, to solicit his thoughts [...]
How Long Do You Really Have To Respond to an IRS Tax Due Notice?
If you live overseas, travel regularly, or split your time between different locations, you may have had the unpleasant experience of receiving an IRS notice after the payment due date listed in the notice. Or perhaps, during the COVID-19 pandemic, you were [...]
Tax Relief for Individuals Affected by the Recent Winter Storms in Texas
On February 20, 2021, President Biden declared a “major disaster” for Texas due to the severe winter storms that lasted from February 11 through February 20. The storm caused significant issues, such as loss of power and water, home damage, water pipe [...]
