July Deadline for US Persons with Swiss Bank Accounts
The days of US persons hiding their money in Swiss accounts is coming to a screeching halt. If a foreign bank account (specifically Swiss in this case) had at least $50,000 at any point since 2013 and it was not disclosed to IRS, keep reading as Swiss banks may be inadvertently tattling in the coming […]
Top 5 US Tax Tips for UK Accountants and IFAs
We have highlighted below the top 5 US tax tips we think UK accountants and IFAs should know about how UK citizens can be subjected to US income and estate taxes. 1). When UK citizens spend a substantial amount of time in the US. If the individual is not a US citizen and was physically present […]
G7: Historic Global Tax Agreement
In connection with the recent G-7 Summit, leaders of the G-7 nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) endorsed the principle of a global corporate minimum tax designed to ensure multinational corporations pay income tax of at least 15% in each country in which they operate. The new tax […]
The Biden Tax Proposals: Change is Coming
President Biden’s proposals present the most dramatic changes to US taxation seen in a generation. These proposals have collectively been presented in several plans, factsheets, an address to Congress, and the Treasury Budget plan. As presented, these proposals carry the theme of increasing taxes on the top income earners and wealthy individuals as well as tax increases […]
How Uncle Sam Gets Most of the Pizza
So, you’ve been living in the US, maybe you were born there, or attended university and then stayed. You’ve worked hard, built up some savings, maybe founded a successful business. Now you are heading elsewhere in the world. Maybe your spouse wants to be closer to family overseas or a new opportunity opens up; whatever […]
IRS extends the filing deadline for 2020 Individual Income Tax Returns
On March 17th, the IRS finally confirmed that the filing deadline for 2020 federal income tax returns will be automatically extended from April 15 to May 17, 2021. Whilst not as generous as last year’s extension to July, this follows weeks of pleas from lawmakers, industry groups, accountants to extend the deadline due to the […]
US State Tax Woes on Working From Home?
We first published the potential issues around working from home in July 2020. Below is an update. Imagine it is the first week of March 2020, you are sitting at a restaurant in California, sans mask of course, when you start to talk to your friends about this virus that is tearing through Italy and seems to […]