Posted on August 22, 2019 by
Andrew Leonard
The overhaul of the U.S. tax code was signed into law at the end of 2017, yet many taxpayers are continuing to conduct business as usual, paying little attention to how the new law impacts their tax liabilities for 2018 and beyond. To be sure, the Tax Cuts and Jobs Act (TCJA) in its original […]
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 […]
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, […]
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 […]
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 […]
Posted on July 05, 2018
The Tax Cuts and Jobs Act introduces a one-time “deemed repatriation tax” on the previously untaxed profits that U.S. individuals, businesses and foreign corporations owned by U.. shareholders earned and left overseas. Under the law, foreign earnings held overseas in the form of cash and cash equivalents are taxed at a rate of 15.5 percent […]
A common planning challenge faced by multinational families is the U.S. taxation of gifts from foreign, non-U.S. family members to their relatives who are U.S. citizens and U.S. tax residents. For example, if a husband is a non-U.S. citizen who lives and works in foreign country X, what is the best way for him to […]
