International Tax Blog
Welcome to the Sciarabba Walker International Tax Blog! We will be sharing original, informative, engaging content that examines a variety of international tax issues as they relate to individuals and businesses. Our International Tax Group stays up to date on the latest rules and regulations that affect our international tax clients. We are committed to assisting our clients on tax reporting issues related to the ownership of foreign assets, receipt of income from abroad, foreign financial transactions, and more.
Check out our blog for helpful tips, analysis, and examples of the issues that affect clients and how we are able to assist. And feel free to reach out to us anytime—we are here to help.
Disclaimer: The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
International Individual Tax Considerations
Individual tax returns with international issues are tough - don't go it alone. If you have been preparing your own taxes for years, you may have a certain level of confidence. With recent changes to tax laws, what you have been doing for years may have completely...
Tax Withholding on Foreign Payees
On April 25, 2017, we posted the first part of a blog series entitled “Tax Withholding When Business Activities Involve International Entities and Individuals”. In this blog, we would like to expand on the issue of withholding taxes on payments made to foreign payees....
Reporting Over $10,000 in Cash Transactions
Criminals often deal in cash, and sometimes, large amounts of it. To help combat money laundering, tax evasion, drug dealing, terrorist financing, and other criminal activities, the federal government has made it mandatory that a trade or business that receives more...
High-Tax Exception Now Available for GILTI Income
The IRS recently announced the issuance of final regulations addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. As we have discussed in a previous blog, the Tax Cuts and Jobs Act of 2017 added a new...
June 15 Tax Deadline Postponed to July 15 for Taxpayers Who Live and Work Abroad
The Internal Revenue Service today reminded people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15. This extension was included in a wide range of...
New IRS Procedures Enable Expats to Come into Compliance with U.S. Tax and Filing Obligations
The IRS has announced new procedures that allow certain expatriates who have relinquished their U.S. citizenship to come into compliance with their U.S. tax and filing obligations and receive relief for back taxes. The new procedures can be found on the IRS website....
2020 Inflation Adjustments Affecting International Tax Issues
It's that time of the year again! The IRS has issued its 2020 inflation adjustments. Just like last year, we will provide you with an overview of the adjustments related to international tax items for tax year 2020. Please feel free to hop over to our 2019 inflation...
Tax Implications of Loans from a Foreign Person to a US Person
People and businesses in the U.S. oftentimes receive personal loans from people they know. The loans may be from family or friends, or from a business. Sometimes the loan will be from an individual who lives outside of the U.S. and is not a U.S. citizen, or from a...
IRS and Treasury Issue Guidance on Global Intangible Low-Taxed Income (GILTI)
Back in March, Sciarabba Walker's international tax blog covered a new U.S. revenue stream created by the Tax Cuts and Jobs Act (TCJA) of 2017 - global intangible low-taxed income (GILTI). On June 14th, the IRS issued final regulations providing guidance "to determine...
Reflections on the First Annual PrimeGlobal International Tax Roundtable
By Linda M. Bruckner, CPA On May 17th, I had the privilege of meeting with my PrimeGlobal international tax colleagues in Chicago to discuss various issues important to our clients. The PrimeGlobal association of independent accounting firms is a worldwide...