In this episode Associate Director of Tax Services Joel Young, JD, LLM, shares an overview of FIRPTA, the goals of the program and who might make a misstep.
Criminals are constantly developing new and more elaborate ways to deceive taxpayers, steal their identities and cheat them out of their hard-earned financial assets. To help protect yourself from becoming a victim of these crimes, the IRS annually publishes a list of the “Dirty Dozen” most common schemes and scams for which you should be […]
U.S. persons, businesses, trusts and estates with 10 percent or more ownership interest or voting control over a foreign business enterprise in fiscal year 2024 have a quinquennial requirement to file a Bureau of Economic Analysis (BEA) Forms BE-10 by May 30 or June 30, 2025, depending on the number of forms they must file. […]
With the complexity of the U.S. tax code, foreign persons may inadvertently trigger a withholding tax on the sale or disposition of U.S. real estate even when they are party to an otherwise tax-free reorganization. It is important for foreign individuals to understand the nuances of the Foreign Investment in Real Property Act (FIRPTA) and […]
Following are the annual inflation adjustments to various provisions of the tax code, which you will use when you file your 2025 federal income tax returns in 2026. It is important to recognize that some of these tax rates, deductions and exemptions will expire or reset at the end of the year under the Tax […]
One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]
In this episode, Director of International Tax Services Arthur J. Dichter, JD, LLM, explains the basics of pre-immigration tax planning, why starting early is essential and how individuals and families can prepare.
The Financial Crimes Enforcement Network (FinCEN) today postponed the 2023 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline from Oct. 15, 2024, to May 1, 2025, for taxpayers who live in federally designated disaster areas in the wake of Hurricane Helene. This six-and-a-half-month filing extension applies to qualifying taxpayers in Alabama, Georgia, North […]
The IRS scored significant wins in two separate cases before the U.S. Supreme Court and D.C. Court of Appeals. While both matters addressed different provisions of the tax code, the court’s decisions essentially fortified the IRS’s international reach and its ability to enforce compliance with various U.S. tax laws regarding taxpayers’ foreign investments and business […]
In this episode, Director of Tax Services Andrew Leonard explains foreign tax credits and a recent court ruling that could make an impact on taxpayers.