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 taxed? The [...]
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 TCJA made [...]
Tax accountants and tax software companies (e.g., TurboTax) have been waiting with bated breath for the IRS and state tax authorities to release guidance on the new tax law. Why? Because the Tax Cuts and Jobs Act of 2017 (TCJA), passed in December 2017, [...]
On September 11, the IRS announced a new campaign to closely examine whether individuals working at international organizations (I/O) are fully and properly calculating their taxes. The announcement was a surprise and was made at the same time as the announcements for several [...]
Last year, proponents of U.S. tax reform expressed their goal to enable taxpayers to file returns “on a postcard.” Of course, this was not to be taken literally. Filing a postcard tax return would be fraught with many issues, chief among them the security [...]
The Tax Cuts and Jobs Act (TCJA) made significant changes to U.S. tax law, including various aspects related to international issues. An important example is cross-border estate planning for non-U.S. families who have one or more U.S. beneficiaries and U.S. investment accounts. These families [...]
In a recent case, the Court of Federal Claims disagreed with two district courts that decided earlier in 2018 that the civil penalties for willfully failing to file a “Report of Foreign Bank and Financial Accounts” (FBAR) must be capped at $100,000. The Claims [...]
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 [...]
The 2018 Reebok CrossFit Games just came to an end. There are many categories of competition, but the main draw is the individual competition for men and women. The two winners are deemed “The Fittest (Man or Woman) on Earth.” In the men’s category, [...]
Do you live in the U.S. on a nonresident visa (e.g., G-4, A, or J visa)?Do you live outside the U.S. but own U.S. real estate or investments?Did you give up your green card or U.S. citizenship but maintain property or accounts in the [...]
