Blog
G4 Visa Holders and US Tax Residency Issues
Many G4 visa holders are confused over their US tax residency status. They have heard that merely holding a G4 visa entitles the holder to be a non-resident. But this is not true. The US income tax code and regulations don’t even [...]
How Will the IRS Ever Know?
For years, new clients (and some of our current ones) have been asking why they should bother fixing their prior US tax filings to report previously unreported foreign income or foreign assets. The most common question is “How will the IRS ever [...]
The Intersection of Qualified Opportunity Zones and Cryptocurrency
The Qualified Opportunity Zones (QOZ) rules became law under the Tax Cuts and Jobs Act (TCJA) of 2017. These rules are designed to encourage investment and economic growth in specific low-income areas. But there are important things to understand about Qualified Opportunity [...]
Attorney Austin Carlson Weighs in on IRS Hot Topics
Business lawyer and CPA, Austin Carlson, deals with tax planning and controversy daily. We asked Austin to weigh in on IRS hot topics and to share some insights on timely tax issues that many of our international clients' face. Q: Based on [...]
US Taxpayers Can Claim Refunds for French Taxes
If you pay taxes in both the US and France, you may be due significant refunds for French taxes paid! For years, a battle has been working its way through the US courts concerning two French taxes, the French Contribution Sociale Généralisée [...]
Bipartisan IRS Reform Bill Approved—The Taxpayer First Act
Great news for US taxpayers—Congress passed, and the President signed an expansion and strengthening of taxpayer rights (on July 1, 2019). The Taxpayer First Act (TFA), also known as H.R. 3151, represents three years of bi-partisan work. It contains numerous provisions and [...]
Welcome, Baby Sussex! And Welcome to US Foreign Non-Grantor Trust Beneficiary Rules!
As you know by now, Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, welcomed their first-born son, Archie, on May 6, 2019. In a prior blog post, we discussed the US tax consequences (individual income tax, international informational, and [...]
Interested in the Rehabilitation Tax Credit? Details to Know
For those considering properties in areas of historical significance, and income tax benefits, the Federal Historic Rehabilitation Tax Credit (HTC) may be of interest to you. where the proper conditions are met, business taxpayers can claim a non-refundable 20% tax credit for “rehabilitation” expenditure over a five-year period. To qualify for the credit, however, both the building and the expenditure must meet several requirements (for both the structure and the expenditure).
Cryptocurrency—A Prime Example of Global Tax Inefficiency (for Now)
Fact: Countries disagree on the nature of cryptocurrency. In recent years, tax and revenue authorities worldwide have had to take a stand and issue guidance to their taxpayers on their country’s official position on cryptocurrency—What is it, and how should it be [...]
The IRS (and States) Are Still Deciding How To Calculate Your 2018 Taxes
A common misconception among taxpayers is that the new tax law, the Tax Cuts and Jobs Act of 2017 (TCJA), passed in December 2017, contains the necessary information to calculate your 2018 taxes. That would indeed make sense. In actuality, however, the [...]
