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? […]

President Donald Trump signed the GOP tax bill into law before the end of 2017. The bill changes a number of areas of tax law. This piece will discuss the shift to a more territorial system of taxation and how this will impact multinational businesses and international tax issues. How did the previous tax system […]

The pre-holiday crunch is often a busy time. This holds true for everyone that works at any level of employment. Retail, clerical, legal, financial, medical, or politics. In fact, this truth holds even for the person who holds the highest office in the country. President Donald Trump felt the crunch and encouraged Congress to get […]

Retirement is a time to reap the rewards of years of hard work and planning. For some, this may mean leaving the country to be closer to family, friends, or to simply take more time to explore the world. This can be a rewarding endeavor when done wisely. However, a failure to properly account for […]

One of the key issues when it comes to taxation of cryptocurrency is its basic definition. Is cryptocurrency property or money? It may not seem like an important distinction, but the answer directly impacts the application of federal tax laws on this form of currency. What is the difference between property and money? The Internal […]

The United States government recognizes that unreported foreign assets translate to lost revenue. Various efforts are made in an attempt to recoup some of these losses. Three examples include: Foreign Account Tax Compliance Act (FATCA). As noted in a recent piece in HuffPost, one of the main tools used by the government to gather information […]

The Internal Revenue Service (IRS) has taken an interest in Coinbase. Coinbase is a cryptocurrency company, specializing in this form of digital currency. The federal agency has requested the company release the names of its customers. Why is the IRS interested in Coinbase’s customers? The agency contends that cryptocurrency users may not report their proceeds […]

The second wave of leaks about the use of offshore accounts is making its way through the media. The first was dubbed the Panama Papers; the latest, the Paradise Papers. What exactly are the Paradise Papers? The term refers to over 13.4 million documents connected primarily to a law firm that aids the wealthy with […]

Proposed tax changes could benefit American expats. There is a strong push by expats to include language that would address the United States’ current tax system and how it handles expats. How do U.S. taxes work for expats? Currently, the system uses a citizenship based system as opposed to a residence based system. This results […]