Lefty Gomez, an all-star pitcher for the New York Yankees in the 1930s, is credited with saying “I’d rather be lucky than good.” He is also credited with earning the nicknames “Goofy Gomez,” and “El Goofo.” Still, I often think Lefty had it right and today could very well be your lucky day. If you […]

Retrocessions were a hidden fee certain Swiss funds paid banks to funnel the banks’ clients into specific investment vehicles. This fee was hidden from the clients. The Swiss courts have issued various rulings between 2006 and 2017 relating to the refundability of the payments to the clients. The 2017 ruling set the statutory limitation period […]

Many Americans overseas may have heard that they could have FBAR filing requirements. So let’s take a moment to explain what an FBAR is in simple terms. As a US citizen or resident with a foreign bank or financial account located outside the United States, you may have heard that you have a requirement to file […]

Generally, most eligible taxpayers who filed tax returns for 2019 or 2018 will receive the stimulus payments automatically. Automatic payments will also go soon to those receiving Social Security retirement payments, disability (SSDI) payments, survivor benefits or railroad retirement benefits. You need to ensure that the IRS has your US bank account and routing number […]

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 […]

With all the temporary business closures happening as a result of COVID-19, it might be easy to forget that life still goes on. The US may have extended their deadline, but the UK tax year will still end on the 5th of April regardless of the present circumstances. Therefore, as we approach the UK  year-end, we have […]

One of the first questions posed to us by local advisors (investment managers, law firms, accounting firms, trustees) and by their clients is, What is the definition of a US Person for tax purposes? The US tax system imposes its income tax on “US Persons”; and the tax reaches all forms of income and gains […]