At this time last year, US taxpayers were gearing up for their first tax filing season under the new Tax Cuts and Jobs Act (TCJA). Everyone was wondering what their taxes would look like and what to expect under the new tax laws. We [...]
On September 6, 2019, the IRS released a new amnesty program directed at former US citizens who renounced their US citizenship but failed to file required US individual income tax returns. These forms include Form 1040, international informational reports (example – FBAR), or the [...]
Do you have financial accounts or foreign assets overseas? If so, did you know that there is a big deadline looming under the Foreign Account Tax Compliance Act (FATCA)? Foreign institutions are required to obtain IRS Forms W-9/W-8BEN from US clients. Under FATCA, foreign [...]
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 mention “G4 [...]
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 know?” Years [...]
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 Zones and [...]
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 [...]
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 (CSG) and [...]
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 updates that [...]
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 Expatriation Tax) [...]
