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PFIC

Feb 18
1 min

Final and Proposed Regulations on PFICs

The PFIC rules under §1297 are in place to discourage US shareholders from deferring US tax on the passive income of a foreign corporatio...

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Feb 16
2 min

Covid-19 Guidance Regarding Foreign Branches

What are Foreign Branches Generally, a foreign branch is a division which operates a trade or business in a foreign country and maintains...

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Feb 11
2 min

Final Regulations Issued on Sourcing Rules for Sales of Inventory Property (T.D. 9921)

The Sourcing Rules §861-865 The sourcing rules have an important purpose for US persons and non-US persons. Since a US person is taxed in...

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Feb 9
3 min

Penalties for Non-willful Violations of FBAR Filings must be Assessed on a Per Form Basis

Kaufmann had 13 foreign accounts in Israel that were not reported on the Form TD F 90-22.1, "Report of Foreign Bank and Financial Account...

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Feb 4
2 min

Covered Expatriate Charged with Tax Fraud after Concealing $1B in Assets

Who is a covered expatriate? The IRS expatriation provisions apply to US citizens who have renounced their citizenship and long-term resi...

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Feb 2
2 min

A Pilot Living in Thailand does not Qualify for the Foreign Earned Income Exclusion

Who can take the Foreign Earned Income Exclusion? A US taxpayer who has foreign earned income such as salaries, wages, commissions, bonus...

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Jan 28
2 min

Domestic Corporations with Foreign Revenue, Don’t Forget the FDII Deduction!

We have seen this deduction overlooked numerous times by taxpayers because they were not aware it existed. Any US corporate taxpayer wit...

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Jan 25
2 min

Don't Forget to Report Foreign Gifts and Inheritances

Gifting can be a great way to move appreciated assets out of your estate, transfer income to lower taxed family members or just to be pla...

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