Just in time for Christmas, we have two big gifts. Both relate to Malta Pension Plan schemes. If you are too busy to read the post because of the Christmas rush, in a nutshell, they've just been knocked out and the Internal Revenue Service (IRS) is hot on the trail for taxpayers who used them! … Continue reading Malta Pension Plan – IRS Knocks It Out.. and Yes, “I Told You So…..”
Tag: tax enforcement
IRS Determined to Collect FBAR Penalties – “We Have Ways of Making You Pay” … Even if Your Money is Outside the US
The case of US v Schwarzbaum (decided October 26, 2021), discussed in today’s blog post, serves as a harsh reminder of how far the US government will go to collect FBAR penalties. The importance of posting about this latest development is to underscore how aggressive FBAR penalty collection efforts are now becoming. Of course, this case … Continue reading IRS Determined to Collect FBAR Penalties – “We Have Ways of Making You Pay” … Even if Your Money is Outside the US
Caught in the US Tax Trap: PART II How Does a Non-US citizen Become a US “Resident” – Taxed on WORLDWIDE Income?
Last week's blog post looked at one way that a non-US citizen can become subject to US income tax on his or her worldwide income - simply by getting a US green card. Today's post looks at the other way one can fall into the US tax trap. “Substantial Presence” in the US An individual … Continue reading Caught in the US Tax Trap: PART II How Does a Non-US citizen Become a US “Resident” – Taxed on WORLDWIDE Income?
IRS Made a Big Announcement – So, Can a Taxpayer Now Rely on IRS FAQ’s?
Despite the Internal Revenue Service (IRS) recent announcement, it seems to me that the answer is still “Well, it depends!” Here’s my take on the what the IRS said, which to be honest, was just a bit more clear than mud. Taxpayers and tax pros should always look first to whether the FAQ is published … Continue reading IRS Made a Big Announcement – So, Can a Taxpayer Now Rely on IRS FAQ’s?
Crypto – Harvest Your Tax Losses / Use Offsetting Positions While You Can – Deadline 12/31
The House Ways and Means Committee tax proposal unveiled last month has two provisions to shutter lucrative crypto tax loopholes. These are the subject of today’s blog post: the “wash sale” rules and the “constructive sale” rules, both contained in the Internal Revenue Code at Sections 1091 and 1259, respectively. First let’s discuss the so-called … Continue reading Crypto – Harvest Your Tax Losses / Use Offsetting Positions While You Can – Deadline 12/31
International Taxpayers Need – But Can’t Have an IRS Online Account
An IRS online account is a safe and easy way for individual taxpayers to view specific details about their federal tax account. The American Abroad REALLY Needs an Online Tax Account How the US taxpayer living overseas would appreciate having such an online account! Time zone differences, long distance telephone charges when trying to reach … Continue reading International Taxpayers Need – But Can’t Have an IRS Online Account
Is There Really a “Solution” for Crypto Tax Noncompliance?
Now that the US Congress and the Internal Revenue Service (IRS) have digital asset transactions firmly in the crosshairs for investigations and reporting, we are in the midst of what I will call crypto-currency tax anxiety. Millennials may make up a larger group of persons dealing with crypto, and may be very concerned about prior … Continue reading Is There Really a “Solution” for Crypto Tax Noncompliance?
What’s Happening with Crypto “Broker” Reporting and the Infrastructure Bill?
The US Senate released legislative text of a 2,702-page bipartisan infrastructure bill (HR 3684) on August 1, 2021. It includes proposed tax law changes as well other budgetary offsets. One of the biggest revenue raisers is contained in Section 80603 of the bill “Information Reporting for Brokers and Digital Assets” (to be found on page … Continue reading What’s Happening with Crypto “Broker” Reporting and the Infrastructure Bill?
Personal Liability for Tax – Estate Executor for a Non-US Decedent …. “Accidental” Executors Included!
My recent blog post covering the Federal Transfer Certificate generated various questions about the US estate tax for foreign individuals who die owning US properties. US Estate Tax - Overview Briefly, the US estate tax is a “transfer tax” and not an “income” tax. This transfer tax is asserted against the estate of the individual … Continue reading Personal Liability for Tax – Estate Executor for a Non-US Decedent …. “Accidental” Executors Included!
Checked “YES” to the Crypto Question on Form 1040? Have NFTs? Get Ready….
It’s been no secret that the Internal Revenue Service (IRS) has cracked down on crypto. With many more taxpayers investing in cryptocurrencies the agency has targeted crypto investors who are often not complying with the US tax rules (many unknowingly). IRS “John Doe” subpoena activity of crypto exchanges has been successful with the biggies such … Continue reading Checked “YES” to the Crypto Question on Form 1040? Have NFTs? Get Ready….
Virginia - US TAX TALK 