The IRS is currently on a mission to identify individuals who haven’t been filing their US tax returns each year. It is specifically targeting individuals who the IRS suspects are “high-income non-filers.” As a result, many G-4 visa holders have recently ended up on [...]
Will your taxes go up or down under the Biden Tax Plan? Many of you are asking this question. In a nutshell, the answer is that if you earn $400,000 or less annually, your taxes are likely to go down slightly. If you earn [...]
If you are having trouble paying your taxes, it often helps to take a proactive approach and agree on a payment plan with the IRS. As we all know, tax problems do not resolve themselves and will not get better with time. The IRS [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
