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 services to [...]
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 year at [...]
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 companies that [...]
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 away at [...]
Corporations with net operating losses in 2018, 2019, or 2020 could be eligible for significant tax refunds under the new rules of the CARES Act. Previously, the Tax Cuts and Jobs Act, passed in December 2017, limited the ability of corporations to use their [...]
Are you a foreign individual or a foreign business from one of the many countries that the US has a tax treaty with (such as the UK, France, or Australia)? If so, then you may know that you can come to the US and [...]
Form BE-10 is due May 29, 2020. Never heard of it? That’s because it’s only required every five years, and it is NOT a tax form, so it’s not widely discussed. So, why are we alerting you to it? Because like many of [...]
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 the recent [...]
On August 1, 2018, the Internal Revenue Service (IRS) announced the proposed regulations[1] for Internal Revenue Code §965 (Transition or Repatriation Tax). The proposed regulations are broken down into several sections. The areas and issues that are affected the most by the proposed regulations [...]
Over the past 6 months, several major changes have had a significant impact on the tax industry. First, the Tax Cuts and Jobs Act of 2017 (TCJA) was passed in late December 2017. TCJA ushered in a new era of domestic and international corporate [...]
