IRS

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 […]

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? […]

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 […]