Overdue Taxes Can Jeopardize US Passport
The Internal Revenue Service announced on 16 January 2018 that they strongly encourage taxpayers who are behind on their taxes to pay the amount owed or enter into a payment agreement with the IRS if the amount owed is more than $50,000 to avoid putting their US passport into jeopardy. The Fixing America’s Surface Transportation […]
US Tax Reform: Is Your Business Affected by TCJA?
How will the new law affect your business? The Tax Cuts and Jobs Act of 2017 (TCJA) has recently been signed into law and will enact significant changes to the US tax code. For businesses looking to expand into the United States, the prospect of navigating a new regulatory landscape can present a daunting challenge. […]
US Tax Reform: Final TCJA Highlights
On December 20, 2017, Congress passed H.R. 1 – the Tax Cuts and Jobs Act (TCJA) – providing for the largest changes to the US tax code since 1986 and President Trump signed the bill into law on December 22, 2017. As we have done previously, we have highlighted the changes made to US Federal […]
HMRC Stop Accepting Credit Card Payments
From the 13th of January this year, HMRC will stop accepting personal credit card payments. This follows an EU law change which limits personal credit card surcharges to 0.3%. HMRC have commented that their cost of processing credit card payments exceeds the 0.3% limit, therefore, continuing to accept credit card payments would mean absorbing the […]
IRS Criminal Investigation: Data Analysis
In a press call in August 2017, Mr. John D. Fort, the new IRS Criminal Investigation (CI) Division Chief, announced the establishment of two investigation initiatives: 1. Nationally Coordinated Investigations Unit and 2. International Tax Enforcement Group that will report directly to CI’s frontline executives. The international group will consist of elite special agents who […]
US Tax Reform: Senate Interpretation
This past weekend, the US Senate passed H.R. 1 – the Tax Cuts and Jobs Act – providing for the largest changes to the US tax code since 1986. The following is a list of “highlights” in the legislation (along with differences from the House bill passed on November 16, 2017): Corporate Tax Provisions Much like […]
US Tax Reform: The Fight Continues
The US Senate Finance Committee introduced its version of a tax plan on November 9, 2017 in the continued efforts of US tax reform. Although similar to the House bill introduced on November 2, 2017, there are enough differences to ensure a significant battle over the next few weeks. The highlights of the House bill […]