Key 2023 dates for US/UK tax filing
The US tax year runs from 1st January to 31st December each year. For anyone subject to US tax systems, there are a number of deadlines and dates that you need to be aware of throughout each tax period, wherever you are in the world. Below are the 2023 US tax deadlines for the 2022 […]
2022 UK Autumn Statement: Are you affected?
The UK Chancellor, Jeremy Hunt, this morning delivered his much-anticipated Autumn Statement. He promised a “balanced plan for stability” and asked, “those with more to contribute more”. He started by setting out the changes to personal taxes. There were no surprises here as these had been trialled in the media over the last week. The […]
Controlled Foreign Corporation (CFC) – Who is Subject to Taxation?
Can a US person who owns shares in a foreign corporation be subject to current taxation on the undistributed earnings and profits of that foreign corporation? The short answer to that question is that it is possible but as with everything US tax related, the answer depends on the facts and circumstances of each case. […]
US Tax Compliance For Foreign Trusts
When handling the US tax implications of trusts, particularly non-US trusts, there are a number of issues you must address: Is the entity a trust for US tax purposes? If the entity is a trust, is it a US (domestic) trust or a non-US (foreign) trust? If the entity is a trust, is it a […]
IRS Scams Investigations to include Pensions, Insurance & Digital Currency
For about 20 years now, the IRS has been annually publishing a ‘Dirty Dozen’ list of common taxpayer “scams.” The intent is to warn taxpayers, tax professionals, financial institutions, and financial advisors of abusive transactions, including bogus tax avoidance strategies as well as consumer-focused scams that target average taxpayers. The IRS identifies problem areas through audits, promoter […]
Maltese Pension Plans: The Malta/US Income Tax Treaty
Over the past decade, pension plans have been established and licensed in Malta with particular consideration given to US taxpayers. A number of these plans were designed to accept “rollovers” from foreign pension plans owned by US persons – most notably from UK pension plans – combining the tax deferral benefits of a Qualifying Recognised […]
IRS Notice 2022-36 – Good News arrived in Short Packages
On August 24, 2022 the IRS issued Notice 2022-36 which provides failure-to-file penalty relief to many taxpayers who have late filed (or will late file) certain 2019 or 2020 tax returns. Included in this relief are the following income tax returns (not an exhaustive list): Form 1040 and 1040-NR Individual Tax Returns Form 1041 Tax Returns […]