Getting a Green Card – Is it Really Worth It?

I recently spoke on the US tax issues faced by the holder of the green card.  To be or not to be such a holder? The podcasts (links below) may help you decide. The podcasts were made with John Richardson, a US and Canadian attorney.   John, who is based in Canada, has seen his fair … Continue reading Getting a Green Card – Is it Really Worth It?

COVID-19: Is Employer Provided Assistance due to the Pandemic Taxable Income? What if the Employer is “Foreign”?

Last week's blog post discussed the home office tax deduction and burst the bubble for many who were working at home for months under COVID-19 restrictions.  Unfortunately, as discussed in that earlier post, this tax break cannot be used by an individual who is an “employee” as opposed to "self-employed".  This restriction is a result … Continue reading COVID-19: Is Employer Provided Assistance due to the Pandemic Taxable Income? What if the Employer is “Foreign”?

WAKE UP CALL: Form BE-10

The Bureau of Economic Affairs (BEA) is a division of the US Department of Commerce. The BEA administers the so-called Form BE-10 survey, which is an intensive information gathering tool of the US government. The BE-10  is used to collect information on how US persons are investing abroad and on foreign investment in the US. … Continue reading WAKE UP CALL: Form BE-10

The Flexible “Foundation” – It’s Becoming a Thing!

Recently I was the guest speaker on Jimmy Sexton’s podcast discussing all things related to an entity called a “foundation”.  A foundation is a creature of a country’s statutory law, but foundations are not well understood in common law jurisdictions, such as the United States.  In the podcast, we looked at the difference between civil … Continue reading The Flexible “Foundation” – It’s Becoming a Thing!

COVID-19:  Can I Take a Home Office Deduction? 

In the face of the corona virus, just about everyone I know has been working from home for quite some time. Home can be Stateside or overseas.  Many are now asking if they are entitled to take a tax deduction for their “home office”.  Here’s everything you need to know. The home office tax break … Continue reading COVID-19:  Can I Take a Home Office Deduction? 

Warning: Marriage to a ‘Foreigner’ May Be Hazardous to Your Tax Health

Recently, I am seeing more and more married couples of dual nationality (with one US individual partner) struggling with the US tax issues wrought by such a "mixed marriage".  Some are same sex couples married under the laws of a foreign (non-US) jurisdiction.   Believe it or not, marriages taking place in a foreign country (whether … Continue reading Warning: Marriage to a ‘Foreigner’ May Be Hazardous to Your Tax Health

Check-the-Box Election: Is it Really that Simple?

A very important building block when establishing a business is selecting the best type of entity from both a legal and tax perspective. This “choice of entity classification” can make a huge difference in liability protection and tax outcome. When an international business is involved, it should come as no surprise that the complexities only … Continue reading Check-the-Box Election: Is it Really that Simple?

Surrendering a Green Card at the Border – COVID-19, Stuck Abroad, “Forced” to Surrender Green Card?

Before delving into the nitty gritty, let me start with a disclaimer. I am not an immigration specialist and this post does not address, other than in a very general manner, immigration issues associated with surrendering a green card at the border. Today’s blog post examines the US tax issues that surround relinquishing the green … Continue reading Surrendering a Green Card at the Border – COVID-19, Stuck Abroad, “Forced” to Surrender Green Card?

Handle With Care: How Sharia Law and U.S. Tax Law Affect the Foundations Regime in the United Arab Emirates

Proud to announce publication of my article Handle With Care: How Sharia Law and U.S. Tax Law Affect the Foundations Regime in the United Arab Emirates in Tax Notes International (TNI) Vol. 98 No. 5 May 4, 2020. Available at no cost on SSRN. The article discusses the US tax treatment of the newest "foundations" … Continue reading Handle With Care: How Sharia Law and U.S. Tax Law Affect the Foundations Regime in the United Arab Emirates

Timing is Everything: The Market is in Freefall Creating a Window of Tax Opportunity – Make Your Gifts Now

The US gift tax is a tax imposed on the transfer of property by way of gift. The giver of the gift (the donor) is the party who must pay the tax.  Generally, any transfer to an individual without receiving something of equal value in return (measured in money or money's worth) is treated as … Continue reading Timing is Everything: The Market is in Freefall Creating a Window of Tax Opportunity – Make Your Gifts Now