International Tax

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 […]

U.S. Taxpayers Living Abroad May Have Opportunities to Claim Tax Refunds for Foreign Tax Credits Applied Against Net Investment Income Tax by Andrew Leonard, CPA

Posted on July 17, 2024 by Andrew Leonard

A recent decision by the U.S. Court of Federal Claims may open the door to a potential deluge of requests for tax refunds from U.S. citizens and resident aliens living or working in foreign countries with which the U.S. has an income tax treaty. In Christensen v. United States, the court interpreted the U.S.-France Income […]

Tax Return Filing Extension for U.S. Taxpayers Living, Working Abroad by Tomoko Shoji, CPA/PFS, CFP

Posted on May 07, 2024 by Tomoko Shoji

If you are a U.S. citizen or resident alien residing or working outside the U.S., you may be eligible for a two-month extension of time to file your federal tax return and pay the related tax liabilities without penalties. Included in this relief are expatriates and members of the U.S. military on active duty. Under […]

FASB Approves More Detailed Income Tax Reporting Standard for Public and Private Companies by Brent Leslie, CPA

Posted on October 31, 2023 by Brent Leslie

The Financial Account Standards Board (FASB) recently voted to approve a new accounting standard that will require U.S. businesses to disclose significantly more details about their global income tax liabilities beginning as early as 2025. The move is a part of the FASB’s larger effort to improve the effectiveness of disclosures in the financial statement […]

Podcast – BPB Knows Pre-Immigration Tax Planning

Posted on May 18, 2023 by Magda Szabo

In this episode Director of Tax Services Magda Szabo explains when and how to start the process of pre-immigration tax planning.

Trends in International Tax Reporting, Failure to File Penalties by Joel G. Young, JD, LLM

Posted on May 02, 2023 by Joel Young

U.S. tax law requires taxpayers to annually report many of their cross-border activities, including the existence of foreign bank accounts, interests in foreign companies and large gifts from foreign persons. While most of these reports are merely informational and have no bearing on taxpayers’ actual U.S. tax liabilities, failing to file the appropriate forms or […]

Understanding Foreign Trusts and Their Tax Treatment in the U.S. by Pedro L. Porras, CPA

Posted on January 25, 2023 by Pedro Porras

In a global society where business and family affairs are conducted regularly across international borders, it is very easy for individuals’ activities to fall unintentionally under the taxing authority of another country. This is especially true when it comes to foreign persons making gifts and passing inheritances to heirs located in the U.S. With a […]

Tax Efficient Pre-Immigration Planning Takes Time by Magda Szabo, CPA, JD, LLM

Posted on January 10, 2023 by Magda Szabo

The United States continues to be a destination for foreign citizens to invest their assets, conduct business and, in many cases, make their permanent home. Those individuals seeking U.S. residency often find the path to citizenship lined with a wealth of opportunities, a broad range of new responsibilities and costly liabilities, including U.S. income tax, […]

Podcast – BPB Knows Gift Planning for International Families

Posted on December 15, 2022 by Lewis Kevelson

In this episode international tax advisor Lewis Kevelson shares tips and traps for international families with US assets.

Can Foreign Investors be in the U.S. without Being Here for Income Tax Purposes? by Joel G. Young, JD, LLM

Posted on November 08, 2022 by Joel Young

A fragile global economy and political uncertainty continue to fuel the United States’ status as the world’s most attractive location for foreign investment. However, investors chasing positive returns, high yields and portfolio diversification often face a tricky U.S. tax system that may provide tax-savings opportunities in some instances and costly income-tax traps in others. Contrary […]

Category: International Tax