International Tax

Don’t Fall Victim to the Most Common Tax Scams by Angie Adames, CPA

Posted on April 09, 2025 by Angie Adames

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. Taxpayers with Foreign Affiliates Have An Extra Reporting Requirement in 2025 by Jairan Shirazi

Posted on March 27, 2025 by Jairan Shirazi

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. […]

Understanding the Corporate Restructuring Side of FIRPTA by Joel G. Young, JD, LLM

Posted on March 11, 2025 by Joel Young

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 […]

IRS Announces 2025 Inflation Adjustments to the Tax Code by Jonathan Kraes, CPA

Posted on January 08, 2025 by Jonathan Kraes

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 […]

UPDATED: IRS Updates Final and Proposed Regulations Related to Foreign Gains and Losses Under Section 987 by Jairan Shirazi

Posted on December 23, 2024 by Jairan Shirazi

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 […]

Podcast – BPB Knows Pre-Immigration Planning

Posted on December 05, 2024 by Arthur Dichter

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.

Hurricane Helene Victims Receive Relief for Filing Annual Reports of Foreign Bank and Financial Accounts (FBAR) by Arthur J. Dichter, JD, LLM, TEP

Posted on October 07, 2024 by Arthur Dichter

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 […]

Recent Court Rulings Uphold Congressional Authority to Assess Taxes and Penalties on U.S. Taxpayers with Foreign Interests by Andrew Leonard, CPA

Posted on September 12, 2024 by Andrew Leonard

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 […]

Podcast – BPB Knows Foreign Tax Credits

Posted on August 15, 2024 by Andrew Leonard

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.

Stricter Reporting Requirements Create Planning Opportunities for Foreign Trusts by Joel G. Young, JD, LLM

Posted on August 06, 2024 by Joel Young

In May 2024, the IRS issued proposed regulations concerning the reporting requirements and tax consequences of U.S. persons who create, fund, transact with and receive gifts or loans from foreign trusts. The guidance, which applies to Sections 643(i), 679, 6039F, 6048, and 6677 (the foreign trust and gift provisions) of the U.S. tax code, updates […]

Category: International Tax