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Revenue Procedure 2020-17 Explained – Forms 3520 & 3520A

On 3rd March 2020, the Internal Revenue Service (IRS) issued Revenue Procedure 2020-17 (Rev Proc), which specifically covered an exemption from information reporting in respect of certain non-US retirement plans. To provide some context, US persons with an interest in a non-US “trust-based” retirement plan should consider filing Forms 3520-A and 3520 annually in respect […]

Residential Sales Change: ‘UK land return’ required from April

From 6 April 2020, UK resident taxpayers will be required to submit a ‘UK land return’, reporting gains from the sale of any UK residential property to HMRC, as opposed to simply reporting the transactions on their UK income tax return as in previous years. The UK land return is due to be filed within […]

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 […]

“Kiddie Tax” – The SECURE Act

The SECURE Act passed by Congress in December 2019 made important changes to retirement plans, but it also made a change to the ‘Kiddie Tax’. Before the Tax Cuts and Jobs Act (TCJA), children with unearned income paid no tax on the first $1,100 of unearned income, and the next $1,100 was taxed at the […]

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, […]

Qualified Opportunity Zone (QOZ) / Qualified Opportunity Fund (QOF)…

…While these terms do not roll off the tongue, they present the in-the-know investor with a wonderful opportunity. Created as part of the Tax Cuts and Jobs Act of 2017, a QOZ is an economically distressed community in the United States where new investments get preferential tax treatment. The QOFs, in turn, are investment structures […]

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 […]

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