Month: January 2019

The Tax Cuts and Jobs Act (TCJA) is a major piece of legislation voted into law as a tax reform in 2017. The changes introduced by the TCJA affect many aspects of how individuals and businesses report on, file, and pay federal income taxes from 2018 and onward. In this guide, we’ll explore the specific changes that businesses need to make so stay compliant with federal legislation and IRS guidelines.

For the last ten years, our firm has been the leading offshore disclosure firm. We have reviewed thousands of expat tax returns prepared by hundreds of different tax preparation companies, CPAs, and accountants. We reviewed thousands of returns taxpayers prepared themselves using software such as TurboTax. While we have encountered some truly incredible tax preparers and taxpayers alike. However, on the whole, we are not impressed by what has been filed.

Most people know what the Rosetta Stone is. No, I am not talking about the popular language software, but rather, its namesake. Most of us know that the Rosetta Stone is a massive rock that has three different languages chiseled into it, all telling the same exact message. And because one of those languages was Greek, the Rosetta Stone provides a near perfect translation guide for both of the other languages.

Are you being fitted out with a tax time bomb? This is a question you must ask yourself if are a US person who lives overseas. What we’ve learned about the tax industry the past ten years is sobering. Whether you are retired overseas, working abroad, or have business opportunities around the world, this is the information you need to know about filing your US taxes so that you can breathe easier this tax season — and well beyond.

All non-profit, tax-exempt organizations are required to file specific forms with the Internal Revenue Service (IRS) every year. These forms are known as 990, 990-EZ, and 990-N. You need to file them to make sure your non-profit remains compliant with IRS rules — this means you can maintain your 501(c)(3) tax exempt status.

Maybe — if your foreign retirement plan is located in a tax treaty country like Germany, Canada (RRSP & RRIF), the Netherlands, UK, or Belgium, your foreign retirement plan may not be taxable until distribution (although there are likely reporting requirements). But if your foreign retirement plan is not in one of these countries — read on.

GILTI was created in Section 951A of the US tax code by the 2017 Tax Cuts and Jobs Act, aka, Tax Reform. GILTI involves incredibly complicated calculations and huge additional compliance burdens starting for tax year 2018, and for certain types of shareholders in foreign corporations, can dramatically increase taxes. In this article, we debunk six myths surrounding GILTI, so you can lower your tax bill, or the tax bill of your clients’.