Stopwatch - time concept President-elect Trump and his administration are taking office in a month and with every new presidential administration, there is always a degree of uncertainty related to upcoming changes to tax laws. And the amnesty programs offered to U.S. [...]
There are some valid reasons that an investment advisor might recommend that a U.S. tax nonresident should invest in offshore mutual funds. Typically, the reasons include reducing income tax, capital gains tax and potential estate taxes. But if you are a nonresident by virtue [...]
Taxpayers who have financial assets outside the United States often ask this question when they are considering how (or whether) to come clean and inform the IRS about their previously undisclosed foreign financial accounts. For years, there was little public knowledge of the U.S. [...]
Tax is usually not the first thing that comes to mind when one decides to change his immigration status. However, one should not take this matter lightly as there may be significant tax implications in the type of U.S. visa one acquires. The Wolf Group [...]
Let me start with a brief story: A friend of a friend once told another friend that he could eliminate U.S. tax on his business profits if he set up a company in a “tax haven” and never brought money back to the U.S. [...]
A little known statute authorizing the collection of comprehensive financial information of US persons with foreign investments has been receiving a great deal of attention recently particularly by those unaware of the filing requirements and associated stiff penalties for non-compliance. The information in question [...]
U.S. individuals living overseas and foreign nationals who move to the United States frequently will maintain at least part of their wealth in non-U.S. financial accounts. These individuals face a much more complicated set of issues than their peers who do not have any [...]
Generally, a U.S. citizen or resident, who is a beneficiary of a Canadian retirement plan, will be subject to current U.S. taxation on income accrued in the plan even though the income is not actually distributed. Article 7 of the U.S.-Canada Income Tax Treaty [...]
Since 2009, international tax compliance and collection has been a major concern for the Internal Revenue Service (IRS). The Treasury Inspector General for Tax Administration (TIGTA) released a report on September 12, 2014 concluding that the IRS should increase and enhance its efforts in [...]
On June 18th, the IRS implemented new changes to the requirements for both the Offshore Voluntary Disclosure Program (OVDP) as well as the Streamlined Filing Compliance Procedures (SFCP). These process changes are relevant to taxpayers who participate in these programs with undisclosed foreign financial [...]
