The Internal Revenue Service (IRS) recently published a clarification on how the new tax law impacts deductions for interest paid on home equity loans. The agency notes that there are restrictions, but many homeowners can still qualify for these deductions. What types of home equity loans will qualify? Deductions will remain for home mortgages, home […]

The corporate repatriation tax is one part of the new tax law. This tax specifically addresses those who have earnings abroad. How is this different than the previous repatriation tax? The concept of a repatriation tax is not a novel one. A repatriation task was already present. However, the previous repatriation tax was set at […]

Victory at the Olympics comes with more than just a medal and prestige, it also comes with a big bonus paycheck. The amount awarded varies depending on the medal. Gold winners will win $37,500 at the Winter Olympics this year, Silver medalists earn $22,500 while a Bronze wins $15,000. The Internal Revenue Service (IRS) taxed […]

Recent tax reform has changed tax obligations. These changes impact not just those currently living in the United States, but also those living abroad. Some changes that will specifically impact expats include adjustments to exclusion rates and corporate taxes. Exclusion rates and expats: Some things remain the same, some change The Foreign Tax Credit and […]

Matthew Costa, CPA, CFP® MAcc All of us paying attention to the recent tax reform suspected that: 1. We will not be doing our taxes on a postcard going forward, and 2. The US treasury would not just forget about the wealth that has been created in the cryptocurrency space in 2017. Washington lawmakers and […]

The Report of Foreign Bank and Financial Accounts (FBAR) is generally required for United States citizens and residents that have an interest in foreign accounts. A failure to properly report these assets can result in fees and other penalties, including imprisonment. The severity of the penalty generally depends on the details of the violation. Willful […]

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act. This is the first major tax reform since Ronald Reagan was president in 1986. The act replaces the graduated corporate tax rate structure with a flat 21 percent tax, repeals the corporate AMT, lowers the tax rates for six of the […]

To report or not to report? That question has likely crossed the minds of any investor that owns cryptocurrency. Those who ask this question should note that the Internal Revenue Service (IRS) has now trained agents on how to pursue digital currencies like Bitcoin. Unfortunately, there is not currently an official amnesty program for those […]

The Foreign Bank Account Reporting Form (FBAR) is required for taxpayers that hold certain foreign accounts. The Internal Revenue Service (IRS) has pushed for compliance with reporting requirements in recent years. The agency has come down hard on those who fail to comply and has moved forward with investigations and penalties against those who violate […]

The Foreign Account Tax Compliance Act (FATCA) went into effect in 2010. This law requires all foreign institutions outside of the United States to report assets and identities of account holders that are United States citizens. Failure to comply can result in serious ramifications, including steep financial penalties. How has this law impacted the industry? […]