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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 […]

US Owners of foreign personal pension plans

US taxpayers often participate in foreign pension plans as these can be useful, tax preferred, investment tools in the jurisdiction where they are tax resident.  Complexities arise with how these plans are reported to the IRS, especially considering the substantial US tax penalties associated with non-compliance. What is a Foreign Private Pension Plan? Pension plans […]

Passive Foreign Investment Company (PFIC)

American citizens and resident aliens are all too familiar with the IRS practice of worldwide taxation. For most expats, this simply means having to file an additional tax return each year. But where the rules can get complex and, in many cases counter-intuitive, is where these rules extend their reach into overseas assets owned by […]

USTAXFS new appointments

USTAXFS UK appoints ex-EY Frank Hirth’s, Glenn Snow, as Tax Director in its Private Client Group, alongside a series of strategic hires and promotions We are delighted to announce that USTAXFS UK has appointed award-winning industry star Glenn Snow, formerly EY Frank Hirth, to the position of Tax Director within the Private Client Group. The […]

Pillar 2: A Deep Dive into the Swiss Pension System for American Expats

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 […]

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 […]

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