Open AI; Is $4 Trillion in U.S. Wealth Held Offshore? It is difficult to determine the exact amount of U.S. wealth held offshore, as such data is often not disclosed or easily accessible. However, according to a 2017 report by the National Bureau of Economic Research, it was estimated that the total amount of U.S. […]
Can you be a Dual Citizen of U.S. and Canada? Yes, it is possible to be a dual citizen of both the United States and Canada. Both countries allow dual citizenship, meaning that an individual can be a citizen of both countries at the same time. However, becoming a dual citizen requires following specific legal […]
SAN ANTONIO, Jan. 27, 2023 /PRNewswire/ — Any business that hired an independent contractor in 2022 has until January 31 to submit Form 1099-NEC, Nonemployee Compensation, to the IRS or face penalties. New for this year, the IRS announced a new online filing portal for Forms 1099, the Information Returns Intake System (IRIS). Ensure your tax reporting is correct for 2022 […]
The one CRS and FATCA compliant ICO operational trading platform, exempt from SEC registration, is overseas retirement speed; lack of bureaucratic “red tape”; interest generated by offerings; and/or low cost of the process. In recent months, there has been an increased regulatory focus on ICOs. Just to recap in very basic terms – the regulations […]
WASHINGTON, April 15, 2017 /PRNewswire-USNewswire/ — The Free File Program is pleased to announce that the Free File Alliance, the pioneering public-private partnership between industry-leading tax software companies and the IRS, that makes free tax software available to 70 percent of taxpayers, recently surpassed 50 million users since the program started. Tim Hugo, Free File Alliance […]
Sanctions unlikely, lobbyist says The leading advocate for repeal of the U.S. Foreign Accounts Tax Compliance Act has called “laughable” any attempt to sanction Washington – should it rescind FATCA – for noncompliance with copycat European tax laws. Washington-based anti-FATCA tax-lawyer and lobbyist James Jatras said European efforts to pinpoint U.S. taxpayers through the Organization […]
Charitable Remainder Trust Overview: 1) Trust status cannot extend to beneficiaries and participants The point for all to grasp is that whatever the legal, juridical and tax status of funding structures, that status cannot extend to beneficiaries and participants as individuals. That is why a trust is quite useless to beneficiaries and participants. Besides it […]
A mutual fund that is invested in European stocks, but incorporated in the US may be taxed at a long term capital gains rate of 15%, but if the US taxpayer buys an identical fund listed outside the US, they will find their investment may be taxed at up to 50% The first de minimis […]
Recently proposed IRS regulations mean discounting opportunities could expire by year-end, explains top-rated tax and estate planning attorney NEW YORK, NY – September 21, 2016 – Proposed Internal Revenue Service (IRS) regulations were recently issued that would eliminate discounting opportunities related to wealth transfer planning. McManus & Associates, a top-rated estate planning law firm with […]
Part I of this series focused on the unforeseen nightmare and problem of unfiled tax returns for undocumented immigrants. The consequences of “kicking the can down the road”, will have significant legal and financial consequences for the 12 million undocumented immigrants that have not filed tax returns at the federal and state level. It is […]
The U.S. Presidential Elections have shifted into overdrive with both the Republican and Democratic holding their conventions over the next two weeks to select Donald Trump and Hillary Clinton as their party’s candidates respectively. Viewed in tandem with Britain’s departure from the European Union and recent acts of terrorism in France and Belgium, the political […]
Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once again, the IRS has lost a significant inter-generational split dollar case – Estate of Marion Levine, Deceased v. […]