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US LLC – smart move or poison chalice for foreign persons?

The filing requirements and practical application of a US LLC for foreign owners may force many foreign nationals to reconsider their options.  As of January 1, 2017, Limited Liability Companies (LLCs) formed in the United States, which are treated as disregarded entities and wholly-owned by foreign persons, are subject to new IRS reporting requirements. Such […]

Taxpayers with expiring ITIN can renew number now

US Taxpayers who have an Individual Taxpayer Identification Number (ITIN) should check to see if their numbers will be expiring at the end of the year. More than 2 million ITINs are set to expire at the end of 2019. If your ITIN has not been used on a US tax return at least once […]

Batter Up for LondonSports Charity Softball!

Our tireless team at USTAXFS joined colleagues and contacts in the world of US clients in a charity softball event on July 4th. US Tax & Financial joined City accounting firms, law firms and wealth managers, including BDO, Maseco, Withers, London & Capital, in a Charity Softball Match in aid of and in partnership with […]

‘Heads up’ – FATCA Final Regulations

The US Internal Revenue Service and US Treasury  have published what we regard as one of the most important sets of regulations to appear in some time – at least for anyone who happens to be a trustee of one or more trustee documented trusts; or who is  a compliance specialist with an institution such […]

US Supreme Court Wayfair ruling impacts non-US companies

A US Supreme Court ruling last June is expected to impact every company that sells goods or services into the US within months, or even weeks and days. In many places, it has already begun. The ruling, South Dakota v. Wayfair, is considered precedent-setting because of its finding that US states may charge tax on purchases made […]

IRS Ramps Up Penalties in 2019

The Internal Revenue Service, which has seen its operating budget slashed over the past eight years, may be looking to increase its use of penalties against those who fail to file documents or pay the taxes they owe on time. The IRS is increasingly making use of its legislative rights to impose penalties on late filing, […]

US Treatment of Swiss Pensions – 2nd pillar

The Swiss employee pension plan (known as the 2nd pillar pension), is, from a US tax perspective, a funded non-qualified foreign pension plan.  As such, contributions employees make to the plan are non-deductible from a US perspective and the company contributions to employee plans are considered taxable wages. We include the growth in the plan as […]

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