International

International tax matters and news

2022, Compliance, International, Taxes, U.S.

The Cost of Non-Compliance With IRS Form 926

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IRS Form 926 is the form U.S. citizens and entities including estates and trusts must file to report certain exchanges or transfers of property to a foreign corporation. This would include transfers of cash over $100,000 to a foreign corporation, or situations in which the transfer of cash resulted in owning more than 10% of the foreign corporation’s stock. This reporting requirement applies to outbound transfers of both tangible and intangible property

Article by Jack Brister founder of International Tax Advisors on the revocation of the U.S.- Russia tax treaty
2022, International, Taxes, U.S.

Frozen: How the Revocation of the U.S. – Russia Tax Treaty Puts Global Trade on Thin Ice

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This blog post is an update to IWTA founder Jack Brister’s article published in JD Supra on March 18, 2022, entitled, “Frozen: How the Revocation of the U.S. – Russia Tax Treaty Puts Global Trade on Thin Ice.” The Biden administration is poised to fully block Russia’s ability to pay U.S. bondholders. The Treasury Department told multiple news outlets that it had suspended its tax information exchanges with Russia. Read more…

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!

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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