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.
Living Overseas: Delinquent FBAR Submission Procedures
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...
Living Overseas: Streamlined Foreign Offshore Filing Procedures
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...
Living Overseas: Tax Implications for U.S. Citizens Living Abroad
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...
Scary Tax Situations and How to Handle Them
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...
ITIN Expiring? Renew Now to Avoid Potential Delays
The IRS issues Individual Taxpayer Identification Numbers (ITINs) to individuals who are required to have a U.S. taxpayer identification number but who do not have (and are not eligible to obtain) a Social Security number. Certain ITINs expire at the end of each year,...
Understanding the Foreign Earned Income Exclusion
In a previous blog post, we discussed some of the tax options available when a U.S. taxpayer goes overseas for employment. A popular option is to use the Foreign Earned Income Exclusion (FEIE). The FEIE is especially useful now that the Tax Cuts and Jobs Act (TCJA)...
Offshore Voluntary Disclosure Program Ending This Week
As we previously reported, the Internal Revenue Service (IRS) will close the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The OVDP was launched in 2009 to encourage compliance with foreign asset reporting, allowing U.S. taxpayers a way to avoid...
Alert: IRS Issues Proposed Regulations on GILTI for U.S. Shareholders
The Internal Revenue Service (IRS) recently proposed regulations concerning the treatment of global intangible low-taxed income (GILTI). The regulations are a result of the Tax Cuts and Jobs Act (TCJA), which added new rules requiring the inclusion of GILTI generated...
New York State Issues Notices on Reporting Section 965 Repatriation Amounts
The New York State Department of Taxation and Finance recently released notices on the tax treatment of IRC § 965 repatriation amounts for tax year 2017 for corporations and flow-through entities. The Tax Cuts and Jobs Act requires certain U.S. taxpayers to recognize...
To Be or Not To Be – A U.S. Citizen
We have been discussing two fictional taxpayers, John and Sue Ling, who have been residing in the United States for many years. John is a U.S. citizen but Sue is not, although she is a permanent U.S. resident. John is 12 years older than Sue and should he predecease...