As many people know from experience, systems of personal income tax vary enormously around the world – simple, complex, high rates, low rates, even some countries impose no income tax at all. However, almost all nations are unified on one point: residents are fully taxed by the country according to its tax code, but non-residents […]

Please note: Some links below have been disabled as they have been taken down at the source. Last night, our Tel Aviv team hosted a seminar on US / UK / Israel Voluntary Disclosure, in partnership with STEP. Speakers included Darlene Hart and Leonard Tuber from US Tax and Financial Services Middle East GmbH, as […]

The IRS has just announced that it has reopened the offshore voluntary disclosure program following ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion. “This new program makes good sense for taxpayers still hiding assets overseas and for the nation’s tax system,” said IRS Commissioner Doug Shulman, “As we’ve said […]

[UPDATE: This blog post has been updated and the latest information can be found in this April 2012 entry.]

The Temporary Payroll Tax Cut Continuation Act of 2011 was enacted late last year. It temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2% to 4.2% of wages paid through Feb. 29, 2012. Shortly after its passage, the IRS instructed employers […]

Many transactions that, in previous years, would have been reported on Form 1040, Schedule D or D-1 must be reported on Form 8949 if they occurred in 2011. Specifically, a taxpayer uses Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule, Gains from involuntary conversions […]

As we previously wrote about during the summer, what are referred to as the “Bush Era Tax Cuts” are set to expire at the end of 2012 unless Congress and the President act before the end of the year… And even if Congress and the President do act, whether they will retain the cuts for […]