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CASHING IN: HMRC changes UK landlords tax reporting

HMRC MOVE UK LANDLORDS ONTO THE CASH BASIS FOR TAX REPORTING Effective for the 2017/18 UK tax year, UK tax-paying landlords, whose rental receipts do not exceed £150,000 per UK tax year, will move onto the cash basis for UK tax returns. The switch is designed to make the reporting of rental income simpler and […]

OVDP Closure: Penalties Breakdown

Further to our announcement that the IRS will be shutting down the Overseas Voluntary Disclosure Program, we outline below some of the penalties taxpayers may face after the September OVDP closure date: A penalty for failing to file a tax return – The penalty is 5 percent of the balance due, plus an additional 5 […]

IRS Announces End to Offshore Voluntary Disclosure Program

Update: Further to the post below, we have posted an outline of the penalties taxpayers may face after the below September deadline. Yesterday (Wednesday, March 14th, 2018) the IRS announced that it is ramping down the Offshore Voluntary Disclosure Program (OVDP) and that the program will end on September 28th of this year. This is […]

HMRC Telephone Scam Alert

HM Revenue and Customs (HMRC) is warning the public about a high-profile phone scam that is conning vulnerable and elderly people out of thousands of pounds. The scammers are preying on victims by cold calling them and impersonating an HMRC representative. The caller informs them that they owe large amounts of tax which they can […]

Calling IFAs: What you need to know about US connected clients

There is an estimated $1 trillion in cash held by over 10 million US persons living outside of the United States. Since the implementation of FATCA, providing investment solutions for US expats has been increasingly problematic. In addition, even if funds like UCITs will accept US connected investors, they are being treated as non-reporting PFICs […]

Overdue Taxes Can Jeopardize US Passport

The Internal Revenue Service announced on 16 January 2018 that they strongly encourage taxpayers who are behind on their taxes to pay the amount owed or enter into a payment agreement with the IRS if the amount owed is more than $50,000 to avoid putting their US passport into jeopardy. The Fixing America’s Surface Transportation […]

US Tax Reform: Is Your Business Affected by TCJA?

How will the new law affect your business? The Tax Cuts and Jobs Act of 2017 (TCJA) has recently been signed into law and will enact significant changes to the US tax code. For businesses looking to expand into the United States, the prospect of navigating a new regulatory landscape can present a daunting challenge. […]

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