Jan 14, 2019 | Firm Updates, International Tax
At the end of each year, the IRS adjusts certain tax items to account for inflation. The 2019 inflation adjustments were recently announced for more than 60 tax items. Of those, here are some of the adjustments related to international tax items: Inflation Adjustments...
Dec 27, 2018 | Firm Updates, International Tax
The Tax Cuts and Jobs Act (TCJA) includes sweeping changes to international tax law. In light of these changes, the IRS is working on adding and updating tax forms and schedules to reflect the new provisions of the TCJA. Some of the forms have been released as drafts...
Dec 10, 2018 | Firm Updates, International Tax
U.S. taxpayers are not always aware that they must report their foreign accounts on an Foreign Bank Account Report (FBAR) in accordance with Foreign Account Tax Compliance Act (FATCA) requirements. If the taxpayer has reported all income (or did not have enough income...
Dec 3, 2018 | Firm Updates, International Tax
When U.S. citizens or permanent residents live abroad, they don’t always realize that they are subject to U.S. tax filing requirements. To illustrate how this works, we will examine the fictional case of Noah, a dual Australian/U.S. citizen who has lived in Australia...
Nov 27, 2018 | Firm Updates, International Tax
When paying income taxes, individuals often assume they are only required to pay taxes to the country where they are living. However, under U.S. law, U.S. citizens and U.S. residents must file U.S. tax returns and report their worldwide income regardless of where they...
Oct 30, 2018 | Firm Updates, Individual Tax, International Tax
Most people think of jack-o-lanterns, graveyards, or frightful costumes when they think of scary Halloween things. In the tax world, sure, we think all of those are scary, but we also think some very scary tax and IRS situations are worth screaming about, too! So, in...