Category

International Tax

IRS Urges Taxpayers to Renew Expiring ITINs by Guillermo Campos, CPA


Posted on July 17, 2019 by Guillermo Campos

Millions of U.S. taxpayers who are not eligible for Social Security numbers will need to take action before the end of 2019 to renew the now expired Individual Taxpayer Identification Numbers (ITINs) the IRS issued to them for reporting and paying their U.S. tax obligations. The IRS will begin sending notices this summer to affected […]

Voluntary Disclosure of Previously Unreported Offshore Assets Just Got More Expensive by Andrew Leonard, CPA


Posted on January 04, 2019 by Andrew Leonard

Sept. 28, 2018, marked the end of the IRS’s Voluntary Offshore Disclosure Program (OVDP), which provided reticent taxpayers with protection from criminal prosecution and an opportunity to pay reduced penalties when they came forward to report and pay taxes on unreported foreign income and assets. As a result, the IRS has put into place new, […]

Exporters, Other Businesses May Combine Tax Incentives to Yield Substantial Savings by James W. Spencer. CPA


Posted on December 10, 2018 by Jim Spencer

Tax reform’s aim to protect the US tax base and prevent domestic companies from shifting jobs, manufacturing and profits to lower tax jurisdictions overseas resulted in a significant benefit to export businesses. Not only does the new law preserve the preferential tax treatment of Interest Charge-Domestic International Sales Corporation (IC-DISC), it also introduces a new […]

Wayfair Decision Imposes New State Tax Burden on Foreign Businesses Selling into the U.S. by Karen A. Lake, CPA


Posted on October 15, 2018 by Karen Lake

The U.S. Supreme Court’s June 2018 decision in South Dakota v. Wayfair has far-reaching impact on the state and local sales tax (SALT) obligations and previous competitive advantages of online and foreign businesses that sell products into the U.S. The court’s ruling eliminates the prevailing physical presence test, which requires sellers to collect sales tax […]