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More on Transition Tax. Including extension and waiver

June 2018

More on Transition Tax. Including extension and waiver On 6/4/18, IRS added 3 additional questions to the existing 14 Questions in its:  “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns” : https://www.irs.gov/newsroom/questions-and-answers-about-reporting-related-to-section-965-on-2017-tax-returns.  IRS originally published these FAQs

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If my Virtual Currency is walking around with me, is it reportable?

June 2018

If my Virtual Currency is walking around with me, is it reportable? – JD Supra 7/19/18. Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that

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Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?

June 2018

Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities? JD Supra 7/12/18. Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership.  It “used to be” (until December,

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I didn’t know that I was American

June 2018

I didn’t know that I was American – JD Supra 6/5/18. There are Individuals out there that are US Citizens (“Americans”) and they are not aware of it.  Under US Tax Law, these individuals have US tax reporting responsibilities and

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“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad

June 2018

“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad – JD Supra 6/1/18. If you are a US citizen or a Permanente Resident and you live abroad, you are

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FATCA is still Standing!

May 2018

FATCA is still Standing! was published by JD Supra on 5/17/18. Tax Reform came and went and FATCA is still standing.  While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED

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At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country?

April 2018

At any time during 2017, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? published by JD Supra on 5/13/18.

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IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017

April 2018

IRS Dirty Dozen 2018 = IRS Dirty Dozen 2017 published by the South Florida Legal Guide,

  • Miami Herald Business Monday - South Florida Legal Guide Supplement
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May I continue excluding income earned in a Foreign country after 2017?

April 2018

May I continue excluding income earned in a Foreign country after 2017? – JD Supra 4/10/18. For most Expatriates, very little changes under the Tax Cut and Jobs Act (TCJA) because “foreign earned income” continues to be treated the same

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Common Reporting Standard (CRS) Reporting Avoidance Game Is Over

April 2018

Common Reporting Standard (CRS) Reporting Avoidance Game Is Over – JD Supra 4/6/18. The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018.  The Organization for Economic Co-operation and Development (OECD) has stated that there

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Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en el Extranjero se ACABA en Septiembre del 2018

March 2018

Los Contribuyentes con Cuentas Extranjeras No Divulgadas deben ACTUAR AHORA. El Programa de Divulgación Voluntaria de Cuentas en el Extranjero se ACABA en Septiembre del 2018 – JD Supra 4/3/18. El 13 de marzo del 2018, el  IRS anunció la terminación

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Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018

March 2018

Taxpayers with undisclosed foreign accounts need to COME FORWARD NOW. Offshore Voluntary Disclosure Program Ends September, 2018 – JD Supra 4/3/18. On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28,

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