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2021 US Tax Deadlines – 2020 tax year

PLEASE NOTE: The April 15 deadline below was changed to May 17. We have adjusted the content accordingly. No additional changes have been announced and all remaining dates are correct as of 7 April. Below are the 2021 US tax deadlines for the 2020 tax year. January 15, 2021 Deadline for Individuals to pay Quarter […]

HMRC Scammers are at it again in 2021

HMRC scammers are preying on victims again in 2021 by calling, emailing and texting UK taxpayers. They are impersonating the HMRC offering refunds, suggesting money is owed and luring people to click a link or share personal information. This year’s latest scam is claiming you are due tax relief in the name of Covid-19. Reports show these are low amounts (around the […]

Look Before You Leap…or GIFT – US Gift Tax Exemption

While the US estate and gift tax exemption currently stands at a hefty $11.7 million (2021), it does not mean that you will benefit from it on a gift you make today. Due to President Biden’s historic win, Americans are facing down the barrel at some potentially drastic changes to the tax law. Under proposed […]

HMRC issue notices to agents with regards to taxpayer’s UK domicile status

HMRC have recently sent “useful” reminders to UK tax advisors / return preparers, to ensure their clients’ tax return is correct where they fall under the not so “new” deemed domicile rules.  Whilst we feel this letter is a couple of years late, perhaps this was the intention of the letter from HMRC in the […]

FBAR deadline extended to October 31st 2020

The Foreign Bank and Financial Accounts Reports (FinCEN Form 114 aka ‘FBAR’) are due on April 15th annually, however, there is an automatic extension to the FBAR deadline given until October 15th. On October 14th, 2020, the eve of the 2019 FBAR deadline, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing […]

‘Retrocessions’: Does your Swiss bank owe you money?

Americans, Brits and others with Swiss bank accounts prior to 2012 are being warned that time is running out for them to get back any hidden commissions they may have paid. This comes in the wake of a recent Swiss Supreme Court ruling which updated four earlier decisions, and which, some say, has shone a […]

Tax-Exempt Entities (Pension funds, Charities, etc.) may be entitled to a refund

USTAXFS works with a number of IFAs, accountants, solicitors, and other professionals who provide guidance on issues related to tax. They occasionally provide us “guest” blogs which we are happy to share with you. Below is an article on tax-exempt entities planning provided by Willem Otterspeer, a partner with Otterspeer, Haasnoot & Partners BV.  Please note that these views do not […]

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