On November 20, 2018 and the IRS announced new Offshore Voluntary Disclosure Practice rules. In this article we will outline the significant changes. We also can expect to see clarifications and additional changes, so it is imperative that like all of our content, do not rely upon what you read as legal advice. Everything is subject to change.
Intergovernmental cooperation on tax reporting has created many complications for not just US persons around the world, but also shareholders and businesses that have nothing to do with the US. In particular, the Foreign Account Tax Compliance Act (FATCA) imposes an obligation on non-US banks and entities to comply with FATCA or risk significant penalties including the withholding of some funds transferred from U.S. sources to their bank accounts. In this article we will discuss the difficulties of filling these FATCA-related forms and what to do if you are still confused.
There are far more US corporations that are classified a S Corps than C corps. And this makes sense. For year-to-year taxation, many advisors and taxpayers see the clear advantage of being taxed as an S-corp ( (although some of this may change thanks to the new low 21% tax rate available for C corps). But many wonder if it makes sense to switch to a C corp for a tax advantage in the case of pending acquisition. Yet such a move might not be warranted; in this article we will discuss some of the benefits of S corporation acquisitions.
If you are confused when you review the books of your company or a company you are thinking of investing in, consider: perhaps someone wants you to be confused. That’s the first lesson of accounting and financial analysis — confusion can be used as weapon to get you uninterested in something you really should be interested in. In this article, I will share four other key insights that hopefully will make the financial statements, that is, Balance Sheets, Profit & Loss Statements, Statement of Cash Flows, make a lot more sense to you.