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IRS Issues Guidance and Solicits Feedback on Nonfungible Tokens (“NFTs”)

On March 21, 2023, the Treasury Department and the Internal Revenue Service (the “IRS”) announced that they were requesting comments regarding upcoming guidance on US tax treatment of certain nonfungible tokens (“NFTs”) as collectibles under Internal Revenue Code (IRC) section 408(m). NFTs An NFT is a unique digital identifier that is used to certify ownership and […]

2022 US tax year changes: Individual, estate and gift taxes

The annual tax filing season opened on Monday this week, and we are delighted to summarize some important changes to the 2022 US tax year when compared to prior years. The most notable changes are: The first page of Form 1040 will look significantly different for the 2022 US tax year than prior years. There […]

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 […]

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 pensions 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 […]

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