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U.S. related 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…

Biden's Build Back Better Infrastructure bill
2021, Taxes, U.S.

Three Key Tax Implications of the Biden Administration’s New Infrastructure Bill

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The long-awaited infrastructure proposal was approved by Congress late last week and has been signed into law by President Joe Biden. As part of the President’s mission to “build back better,” the proposal is a considerable investment in the country’s infrastructure.

And while not as large as once envisioned — originally, it was $3.5 trillion — it is still a substantial amount at $1.2 trillion. Funding for the Infrastructure Bill will come from a few sources.

International tax expert Jack Brister comments on some of the tax changes that will impact businesses and investors.

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, 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.

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