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Author Archives: Andrew Aldridge

CARES Act with a catch

On the 27th of March the CARES Act (Law No: 116-136) granting each US citizen a $1,200 tax credit ($2,400 for those filing a joint return) to be paid to them as soon as possible. In addition, a $500 credit will be allowed for each qualifying child. To receive this benefit your Adjusted Gross Income […]

New IRS Revenue Procedures for Forms 3520 & 3520A

Please read the updated post Revenue Procedure 2020-17 Explained – Forms 3520 & 3520A The Internal Revenue Service has stated that it intends to issue a Revenue Procedure later this month that will relieve individual taxpayers from filing Forms 3520 & 3520A with respect to certain foreign retirement plans. The IRS has also indicated that individuals who have […]

IRS TARGETS HIGH-INCOME TAXPAYERS

The IRS is targeting high-income taxpayers who have not complied with their tax obligations. As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service said on February 19th that it will step up efforts to visit high-income taxpayers who have failed to timely file one or more of their tax returns. The IRS has recently hired additional enforcement personnel, […]

Mexit: Potential Tax Issues for the Duke and Duchess of Sussex

The article below was written by USTAXFS Tax Director, Andrew Aldridge, in January 2020. It was first published in and is copyrighted by, Taxation magazine. The recent announcement by the Duke and Duchess of Sussex to step back from their ‘senior’ royal status has brought back into focus that the duchess is a US citizen. When […]

TCJA final regulations

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, increased the life-time exclusion amount of transfers subject to Estate/Gift tax from $5 million to $10 million. Adjusted for inflation, this amount is $11.4 million in 2019. The TCJA also provides that this higher amount will revert to its pre-TCJA amount after 2025. The […]

IRS Campaigns Tackle Compliance Issues

In 2017, Large Business and International (LB&I), the division of the IRS which serves corporations, subchapter S corporations, and partnerships with assets greater than $10 million, announced the identification of 13 initial campaigns, some of which are directed primarily at international tax issues concerning individuals with offshore contacts. The launch of such campaigns is the […]

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 […]

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