International Tax

Importers Receive COVID-19 Relief, Approval to Delay Payments of Duties, Taxes, Fees by Jim Spencer, CPA

Posted on April 24, 2020 by Jim Spencer

The U.S. Treasury and Customs and Border Protection (CBP) are granting much-needed relief to importers and critical supply-chain businesses struggling with restricted operations and rising financial difficulties through the COVID-19 pandemic. Under a temporary interim-final rule, eligible importers have the option to defer for 90 days deposits of estimated duties, taxes and fees on merchandise […]

Information Reporting Deadline Nears for U.S. Persons with Foreign Businesses – No COVID Extensions by Joel Young, JD, LLM

Posted on April 21, 2020

Every five years, the Bureau of Economic Analysis (BEA) requires U.S. persons (including entities) with certain foreign affiliates to file Form BE-10, Benchmark Survey of U.S. Direct Investment Abroad, by a statutory deadline of May 29 or June 30, 2020. The COVID-19 pandemic has caused any postponement of the final BE-10 due date, which depends […]

IRS Extends Information Reporting and Tax Payment Deadlines for International Tax Matters by Ken Vitek, CPA

Posted on April 10, 2020 by Ken Vitek

On April 9, the IRS issued Notice 2020-23, expanding COVID-19 filing and payment relief to include most returns, tax payments and other time-sensitive actions with reporting deadlines falling on or after April 1, 2020, and before July 15, 2020. Prior to the issuance of Notice 2020-23, it was unclear whether the below international forms were […]

Extension of Federal Tax Deadline Applies to Liabilities of Multinational Taxpayers by Arthur J. Dichter, JD, LLM

Posted on March 25, 2020 by Arthur Dichter

The IRS has clarified that the postponement of the due date for 2019 federal income tax filings and payments to July 15, 2020, also applies to installment payments of repatriation tax on foreign earnings and base erosion and anti-tax abuse tax (BEAT) that would otherwise be due on April 15. The Tax Cuts and Jobs Act […]

Tax-Efficient Planning Strategies for Art Collectors by Lewis Kevelson, CPA

Posted on January 09, 2020 by Lewis Kevelson

Art collectors who accumulate artwork over their lifetimes tend to have limited interest in selling any of the pieces in their collections, according to a recent study conducted by UBS. Instead, most collectors develop an emotional attachment to the artwork they acquire and prefer to display their collections in their homes for their own personal […]

New Procedures Provide U.S. Tax Relief to Some Expatriates by Arthur Dichter, JD, LLM

Posted on November 25, 2019 by Arthur Dichter

The IRS recently rolled out Relief Procedures for Certain Former Citizens (expat relief procedures), which is intended to help some former U.S. citizens who renounced or intend to renounce their U.S. citizenship come into compliance with their outstanding U.S. tax and filing obligations without incurring additional liabilities. Background on Expatriation Exit Tax There are […]

Are U.S. Visa Holders Subject to U.S. Income and Estate Taxes? by Tony Gutierrez, CPA

Posted on November 04, 2019 by Anthony Gutierrez

For many foreign persons, the U.S. tax system can be a complicated web of conflicting rules and exceptions, making compliance difficult, at best. One of the more complex challenges concerns the manner in which the U.S. imposes tax on foreign persons for income tax and estate and gift tax purposes. In general, the U.S. presumes […]

Considerations for Foreign Investors in U.S. Real Estate after Tax Reform by Ken Vitek, CPA

Posted on October 17, 2019 by Ken Vitek

U.S. real estate continued to attract foreign investors during the first half of 2019, thanks, in part, to a growing U.S. economy, low interest rates, and strong underlying fundamentals that support predictable cash flow and property appreciation. At the same time, the U.S. tax landscape has changed with the passage of the Tax Cuts and […]

Maximizing Donations to Foreign-Based Charities under Tax Reform UPDATED by Lewis Kevelson, CPA

Posted on October 08, 2019 by Lewis Kevelson

Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]

EB-5 Visa Program is Alive and Well, But New Rules May Make it Harder to Use by Andrew Leonard, CPA

Posted on October 03, 2019 by Andrew Leonard

After 29 years, the U.S. government is making changes to its EB-5 visa program, which helps foreign citizens expedite U.S. residency in return for capital investment in commercial projects that create or preserve domestic jobs. Under new rules that go into effect on Nov. 21, 2019, it will become more expensive and more difficult for […]

Category: International Tax