Individuals who gave up their US citizenship or long-term tax residency (or will do so) and are deemed to be covered expatriates subject to the US Exit Tax (or will be in the near future), should take great care when making gifts or bequests [...]
The IRS issued proposed foreign trust regulations on May 7, 2024, which offer certain taxpayers additional relief from burdensome foreign pension reporting requirements. But they don’t come without risk. On the positive side, if you have an interest in a foreign pension, and your [...]
US non-residents (for tax purposes) must make a special election in order to file joint tax returns with their US tax resident spouses. Changes to individual income tax forms for 2024 indicate that the IRS may be taking a closer look at the returns [...]
The IRS granted relief to taxpayers affected by the numerous hurricanes, fires, and other disasters in the US and Israel during 2024, offering additional time to file some 2023 and 2024 tax returns (and other reports) and, for some types of tax payments, to [...]
Every year, the IRS makes inflation adjustments to various items, such as the standard deduction, estate tax unified credit, tax brackets, etc. On October 22, 2024, the IRS released Rev. Proc. 2024-40 with the 2025 inflation adjustments. Here are some key inflation adjustments for [...]
The IRS is seeking comments and input from the general public on the main programs taxpayers can use to obtain penalty relief for late reporting of foreign financial assets and foreign income. Background Generally, when individuals or businesses fail to report foreign financial assets [...]
On October 24, 2024, IRS Commissioner Daniel Werfel announced that the IRS will no longer automatically assess international civil penalties for late-filed Forms 3520 and 3520-A.1 Background on Forms 3520/3520-A filing requirements and penalties Internal Revenue Code §6048 requires United States tax residents and [...]
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 [...]
