It is not uncommon for those who find themselves the subject of an audit to believe that they were unfairly targeted. This is especially true for those who hold foreign assets or business interests. Taxpayers who need to navigate tax compliance with these types of...
Non-US citizens can face tax obligations if they own a US business and are “engaged in a trade or business in the United States.” This means the Internal Revenue Service (IRS) will likely expect tax filings if your business sells products or services in the United...
The U.S. Tax Code is a complex beast. Navigating the rules for reporting assets and filing the appropriate forms is no easy task. Add additional factors like business interests and foreign assets, and the process can quickly become unmanageable. What happens when you...
Uncle Sam, the posterchild for the U.S. government and its agencies, brings visions of a strong and demanding force. The Internal Revenue Service (IRS) projects much the same image. This federal agency expects all taxpayers — individuals and businesses alike — to meet...
Our tax system is based on the expectation that taxpayers pay their tax bills. A failure to voluntarily comply with tax obligations can result in fines, penalties, and even potential imprisonment. Those who have failed to comply in the past and want to come into...
The Internal Revenue Service (IRS) treats cryptocurrency as property. This means that when it comes to tax obligations, the agency treats cryptocurrency much the same way as it treats stocks. Just like with stocks, if you buy cryptocurrency but do not do anything with...
The Internal Revenue Service (IRS) is looking for high wealth taxpayers who are not meeting their tax obligations. There are many different legal tools to help reduce one’s tax bill. Even when used wisely these tax saving strategies can catch the eye of the IRS. As a...
Of all the complex issues that arise when doing business internationally, tax complications often rise to the top of the list. By avoiding a few common mistakes, you can maximize profitability while steering clear of potentially devastating pitfalls. A few common tax...
The Bank Secrecy Act requires taxpayers to report their foreign financial accounts like brokerage accounts, mutual funds and bank accounts to the Treasury Department. The reporting of these accounts is done by filing FBAR on FinCEN Form 114. Individuals must file the...
Some expatriates living abroad tire of paying income taxes to a country they no longer live and have no plans to return to. The simple solution would seem to be renouncing citizenship and be done with the tax obligation. However, renouncing citizenship does not...
