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Top tips for 2023 US year-end tax planning

In Switzerland, Samichlaus, aka St. Nick, came to children this past night and brought them clementines and nuts. While we cannot transfer food through the internet, we have something almost as good – 2023 US year- end tax tips! This is something we have covered in the past, but like all good things, we have […]

UK Chancellor’s Autumn Statement Highlights

According to the Institute for Fiscal Studies, UK tax levels are at their highest since records began 70 years ago. After the usual speculation in the press over the last week, we learned today from Chancellor Jeremy Hunt in his Autumn Statement mini-budget whether there would be any tax cuts. There were no proposed changes […]

Make Your Retirement Savings Last as Long as You Do

With rising life expectancies, it is possible that individuals will outlive their traditional retirement savings. A qualified longevity annuity contract (QLAC) provides a potential solution. What is a QLAC? A QLAC is a fixed deferred annuity, meaning it ensures a continuous stream of income from an agreed-upon start date. This guaranteed income stream is achieved […]

US Estate Tax Concerns for Non-US Persons Update

USTAXFS Tax Director, Patrick Hoza, provides the latest on US Estate Tax concerns for non-US persons. The United States imposes its Estate Tax not only on its citizens and residents but also on non-residents that die owning US situs assets. So, what might be taxable? Non-resident aliens (NRAs) are taxed on certain categories of US […]

The Corporate Transparency Implementation Overview

The Corporate Transparency Act will require certain US entities (and certain foreign entities) to report information relating to their ultimate Beneficial Owner to FinCEN. FinCEN issued its Final Rule implementing the CTA on September 29,  setting the enforcement date to be January 1, 2024. This new Act and its reporting obligations are discussed in detail […]

Why missing the June 15 tax deadline for US taxpayers abroad could be costly

If you are a US taxpayer (citizen, Green Card holder or resident) living abroad, this time of year can be taxing in every sense. Tax Filing Due Date Individual Income Tax Returns are normally due on April 15th. However, if the 15th falls on a weekend or national holiday the deadline is extended. For 2023 […]

What does it mean to be a beneficiary of a trust?

Please note this post was updated on January 23, 2024 to include figures for 2024 for the 2023 tax season. A trust is a legal arrangement where the creator of the trust (called either a grantor or settlor) transfers legal title to property to a trustee to manage for the benefit of individual(s) or entities […]

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