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 [...]
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 [...]
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 [...]
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 [...]
As of May 2, 2020, over 40 cruise ships were dealing with positive cases of the COVID-19. The New York Times published an article on April 14, 2020, pointing out that over 80,000 crew members were stranded on 100 cruise ships. There is great [...]
Were you in the US visiting or on short-term business travel when COVID-19 struck? And has your stay been extended as a result? Like many countries, the US has rules about how much time a nonresident can spend in the country before triggering US [...]
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 [...]
