This Swiss Pillar article was produced in collaboration with Connected Financial Planning.  Occupational Pension or Work Pension This Pillar 2 plan is similar to the US 401(k) and 403(b) type plans. It is comprised of two parts:  1. Mandatory benefits (BVG-LPP) For those who are self-employed, you may choose to make voluntary contributions. If you […]

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 […]

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. […]

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 […]

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 […]

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 […]

Today, the UK Chancellor of the Exchequer, Rishi Sunak, delivered the UK’s 2022 Spring Statement, which has been keenly anticipated in the midst of the “cost of living crisis” currently affecting the country. On the personal tax front, there were ultimately a limited amount of significant announcements, however, the key points for your consideration are […]