Even expats have certain tax obligations. A failure to meet these obligations can result in a range of penalties. Depending on the details of the issue, penalties can include fines or even criminal charges and revocation of your U.S. passport. Examples of common mistakes: Due to the severity of penalties tied to tax issues, expats […]

When a joint return is filed and only one spouse owes a past-due amount, the other spouse can be considered an injured spouse. An injured spouse claim is different from an innocent spouse claim, since it uses Form 8379 to request an allocation of the tax overpayment attributed to each spouse, whereas an innocent spouse […]

U.S. companies and their oversea affiliates are prohibited from certain interactions with countries that are listed as boycotted. In some cases, the United States Government may sanction a request. An understanding of the potential tax implications of these dealings is beneficial for any business operating in qualifying countries. What exactly is a qualifying boycott activity? […]

If you are a United States taxpayer with interest in a foreign asset, odds are high you know that you must report this interest to the government. A failure to do so can result in serious penalties, ranging from steep monetary fines to potential imprisonment. The severity of the penalties often hinges on one thing: […]

Congress is considering a new tax proposal that would result in a minimum tax applied to the foreign earnings made by U.S. companies’. The effort is viewed as an attempt to keep funds here in the United States as opposed to sending them overseas. How do these taxes currently work?Current law applies a 35 percent […]

In some cases, those who conduct certain qualifying transactions using a foreign trust, those who own a foreign trust or those who receive a gift or bequest from a foreign person must file special tax documentation. It is important to make sure these dealings are in compliance with tax laws, or else harsh penalties can […]

Developing and implementing a succession plan can provide several benefits to CEOS and partners. According to the U.S Small Business Administration, Office of Advocacy, based on 2013 U.S. Census Bureau data, more than 51 percent of small business owners are ages 50 and older. These statistics show that a large percentage of business owners are […]

Glen Frost, managing partner of Frost & Associates, was quoted in an article featured in the USA Today speaking on taxpayers rights. Most individuals are aware of the severe consequences they may face if they break a tax law, even if it was done accidentally. However, most aren’t well versed in the rules that the […]

Leanne Fryer Broyles Part II In Part I of this post we reviewed the importance of discussing planned giving with your financial advisors. This month’s post focuses on just one way to give. The Charitable Remainder Trust is a popular planned giving tool that offers many benefits for philanthropists. If you are a good candidate, […]

The Internal Revenue Service (IRS) appears to be making headway in its attempts to bring down Caterpillar. The industrial equipment supplier is facing allegations of tax fraud. Essentially, the IRS believes the Peoria, Illinois based company has attempted to avoid its tax obligations by putting profits for sales into a subsidiary based in Switzerland. A […]