Extension Granted for Gift Tax Returns and Payments – No Extension for Form 3520

My earlier blog post detailed the extensions for filing and payment of US income taxes on account of the COVID-19 emergency.  Further relief was just granted on March 27 by the Internal Revenue Service (IRS) in Notice 2020-20 to all taxpayers who have Federal gift (and generation-skipping transfer) tax returns and payments due on April … Continue reading Extension Granted for Gift Tax Returns and Payments – No Extension for Form 3520

Eating Out Again – Yes, the Day Will Come Back… Business Deductions for Entertainment and Meals

In the midst of the COVID-19 pandemic, most everyone is staying home; entertainment and meals outside the home bubble are not on the agenda.  But, someday, life will return to normal and we will eat out again!  The economy will pick up and clients, prospective customers and associates will look to meet and enjoy a … Continue reading Eating Out Again – Yes, the Day Will Come Back… Business Deductions for Entertainment and Meals

Tweets Rule…. Tax Filing Extended from April 15 to July 15 / What About FBAR?

While I was peacefully asleep in Dubai (we do have an 8 hour time difference to the East Coast of the USA), Secretary of the Treasury Steven Mnuchin announced in a tweet that “Tax Day” is being moved from April 15 to July 15.  For those who fear that Tweets may not be a reliable … Continue reading Tweets Rule…. Tax Filing Extended from April 15 to July 15 / What About FBAR?

Foreign Pension Plans / Retirement Trusts – Is IRS Seeing the Light?

The Internal Revenue Service (IRS) - starting to see some light with respect to "foreign" pension plans?  The US tax issues surrounding foreign pensions and retirement schemes is extremely complex and has vexed tax professionals and US persons abroad for many years.  (Read my earlier blog post here).  Due to the diversity of such plans, … Continue reading Foreign Pension Plans / Retirement Trusts – Is IRS Seeing the Light?

Cryptocurrency: Dissecting Revenue Ruling 2019-24 Treatment of Chain Splits

In this Tax Notes article published today, February 24, 2020 attorneys Arvind Ravichandran and Maurio Fiore, associates at the law firm Cravath, Swaine & Moore LLP, explain in fascinating detail the ABC’s of cryptocurrency, the workings of the mysterious blockchain technology and carefully dissect the IRS’ recent guidance enunciated in Revenue Ruling 2019-24. The article … Continue reading Cryptocurrency: Dissecting Revenue Ruling 2019-24 Treatment of Chain Splits

Oh No! I Have a “Foreign” Pension or Employee Savings Plan and Uncle Sam is Killing Me (Part II)

Part I of this blog post introduced the topic of the "foreign" pension or employee workplace savings plan, and examined in some detail how these plans are becoming more and more popular in the United Arab Emirates. The plans, however, give US expatriate employees some serious US tax headaches. Today's post focusses on these thorny … Continue reading Oh No! I Have a “Foreign” Pension or Employee Savings Plan and Uncle Sam is Killing Me (Part II)

FinCEN: No FBAR Reporting for Virtual Currency in an Offshore Account

The Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) will jointly examine application  of foreign account reporting requirements to virtual currency held in an offshore account under the Bank Secrecy Act (the notorious FBAR, Form 114).  Two important points about FBAR duties for foreign accounts holding virtual currency  were made in a … Continue reading FinCEN: No FBAR Reporting for Virtual Currency in an Offshore Account

IRS: The Grinch Who Stole Christmas

Christmas was on our doorstep not too long ago and was marked by a time of giving and rejoicing. In the employment context, overseas employers with American staff may have been more inclined to be generous in gift-giving, as many of its US employees were away from their Stateside family over the holiday period.  The … Continue reading IRS: The Grinch Who Stole Christmas

Time to Review! Tax Issues for US Recipients of Gifts/Bequests from Foreigners

With Christmas having recently been on our doorstep, now is the time to review what tax consequences are in store for gift givers and their lucky recipients.  US tax filings might be required of a US individual who receives a gift (whether in cash or property of some kind - you know, a 5 carat … Continue reading Time to Review! Tax Issues for US Recipients of Gifts/Bequests from Foreigners

ATTENTION! Married Filing Separately? $5 of Gross Income? Must File US Income Tax Return!

Yes, that did read US$5. Not $50. Not $500……This measly number will heavily impact Americans abroad who are married to non-US spouses.  In many instances, the US spouse will file separately and keep the non-US spouse completely out of the US tax picture.  This may not always be the best tax strategy but in some … Continue reading ATTENTION! Married Filing Separately? $5 of Gross Income? Must File US Income Tax Return!