2021, Covid-19, U.S. Economic System

Third Quarter 2021 U.S. Economic Outlook: Vaxed, Taxed, and Roaring Back

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It’s been a year and a half since the onset of COVID-19, and there’s encouraging news for clients. The U.S. economy is bouncing back to life thanks in part to government aid and relatively high vaccination rates. The national economy grew at a seasonally adjusted, 6.5% annual rate in the second quarter, a sign that the nation has achieved a sustained recovery from the pandemic-induced recession. In fact, the economy has now surpassed its pre-pandemic levels.

2020, Covid-19, Taxes, U.S.

IRS Introduces Tax Relief Measures for Those Impacted by Covid-19

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IWTA Breaking Tax News: IRS Introduces Tax Relief Measures for Those Impacted by Covid-19.
On November 2, 2020 the Internal Revenue Service announced changes designed to de-stress taxpayers filing late 2019 returns, and those that have fallen behind on previously-negotiated installment agreements or otherwise struggling to pay balances owed.
In short, any taxpayer struggling financially due to the pandemic can take comfort in and advantage of the second phase of tax relief — what the IRS calls its “People First” initiative. This applies to small business owners too, who have been hurt badly by the pandemic-induced economic slowdown.

2020, Cryptocurrency, Finance, U.S. Economic System

In 2020 Cryptocurrency is No Longer a “Bit” Player

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It is evident that the Covid economy has only intensified the thirst of investors, entrepreneurs and increasingly, average citizens, for an economic model that more seamlessly marries with life-in-the-digital-lane. This article updats the shifting landscape of cryptocurrency, banking and finance and taxes. The future is here and traditional banking must ride the cryptocurrency blockchain or go the way of the abacus.

2020, Business Investments, Compliance, International, Real Estate, Taxes, U.S.

Are You FIRPTA Compliant? IRS Targets Foreign Holders of U.S. Real Estate

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The U.S. Congress designed the Foreign Investment in Real Property Tax Act (FIRPTA) to collect tax on the sale of a U.S. property by a foreign person or business entity in order to ensure that foreign persons and entities paid tax on their U.S. source (situated) income (i.e., extract a type of capital gains tax that would normally not apply). Looking to boost tax revenues in a tough year of the Covid-19 pandemic, on On October 5th and Sept. 14. 2020, the IRS Large Business & International Division (LB&I) issued notices regarding their resumption of a FIRPTA enforcement campaign.

2020, International, Taxes, U.S.

IRS Cuts FDII and GILTI Some Slack

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Last month, on July 9, to be exact, the U.S. Treasury Department and the IRS officially rolled out final regulations under IRS tax code Section 250, providing updated guidance on the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI).

2020, FAQ, International, Taxes, U.S.

Finally- All the Most Frequently Asked Questions About Foreign Trusts in One Place!

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This blog post introduces International wealth tax advisors’ new FAQ page on Foreign Trusts on the International Welath Tax Asvisors’ website. The page includes a yes/no quiz which calculates which type (if any) foreign trust you are dealing with. If you need foreign trust reporting, management and tax filing help, know that International Wealth Tax Advisors can be your trusted resource!

UStax, covid19
2020, Covid-19, Taxes, U.S.

Breaking Covid-19 Tax News Update: IRS’ “Substantial Presence 60-Day Covid-19 Waiver is Set to Expire

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It looks like the IRS is ending their tax grace period, the 60-day “Covid-19 Emergency Period” for eligible non-resident alien individuals. In U.S. Treasury Department terms, IRS Rev. Proc. 2020-20 and Rev Proc 2020-27 are coming to an end.
The IRS released relief measures (Rev. Proc 2020-20, Rev. Proc. 2020-27) in April 2020. In brief, the measures allowed nonresident individuals, foreign corporations, and partnerships to choose a 60-day period between Feb. 1 and April 1 in which the IRS would not consider their U.S. activity to trigger a tax liability. The agency updated its relief information earlier in June 2020.

2020, International, Taxes, U.S.

A Taxing Pandemic: Covid-19 and Cross-Border Tax Issues

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As they say in the news business, Covid-19 is a “developing story,” and the adjustments being made by the U.S. Treasury department to address the unique tax issues arising as a result of the pandemic are historic. IWTA Founder and Managing Member Jack Brister comments on three pressing cross-border tax issues arising from the coronavirus global pandemic, with links to guidelines issued by the IRS.

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