Offshore Compliance | Information for Reporting Requirements

Calculate Your 2018 Federal Tax Under the New Law

Hello and Welcome to my first News Letter on Matters That Will, Almost Certainly, Affect You in This New Year, 2019.

I know that 2018 was a difficult year and now with the traumatic effect of the U.S. Government Partial Shutdown with the stock markets swings to record lows, we are facing a much higher tax liability for our personal US Tax Returns for 2018.

A lot of deductions we historically were allowed in recent past years have been revised for tax years beginning in 2018 and there is for the most part little that we can do to mitigate the increased tax liabilities. We can, however, calculate our expected tax increase and make a 4th Quarter Estimated Tax Payment by no later than 15th January 2019 for the 2018 tax year. This payment will act to compensate for the unlimite

More End Of The Year 2018 Tax Planning

More End Of The Year 2018 Tax Planning: The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018. This triggers a phase out of the tax credit available for purchasers of new Tesla plug-i

ALERT… Medium Income Families Still Need To Pay More Taxes In 2017!

INTRODUCTION: For my clients residing in States with high State Income Taxes and/or high personal residential property taxes, the valued and yearly deduction of these taxes on your Itemized Deductions beginning in 2018 has had the unlimited ceiling crashing down to a total of $10,000 per year. PART

The New IRS Voluntary Disclosure Program

If you are considering the New IRS Voluntary Disclosure Program, what questions should you be asking of yourself and your Legal Counsel?

On November 20, 2018, the U.S. Internal Revenue Service, (IRS) issued its Memorandum that addresses the process for all domestic and offshore voluntary disclosures following the IRS’s official closing of the Offshore Voluntary Disclosure Program just this September 28, 2018.

The new voluntary disclosure practice enables U.S. taxpayers, which are:

S. Citizen worldwide; S. Tax Residents in the U.S. Green-Card Holders

whether residing in the U.S. or abroad, with exposure to criminal liability or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due thereon, a way to comply w

Traditional Expensive Method of Shifting Profits from Your Foreign Company to You

Lets look at a traditional expensive method of shifting profits from your foreign company to you, the U.S. Shareholder. (Part I) This is a very recent Tax Court Case, September 2018, where a husband and wife, named Barry and Rochelle Smith, were the grantors of two Domestic Grantor Trusts. I will

Beware “IRS Approved” Virtual Currency IRAs

As income tax filing season approaches, the U.S. Commodity Futures Trading Commission (CFTC) is warning investors to be cautious of sales pitches touting “IRS approved” or “IRA approved” virtual currency retirement accounts.

BACKGROUND:

IRAs are retirement accounts that provide investors with certain tax incentives for retirement savings. Earnings grow tax-deferred, which means you won’t pay capital gains taxes if you sell, but gains will be taxed at your normal income tax rate when funds are withdrawn in retirement. There are also penalties for early withdrawal. Some common examples include traditional or tax-deferred IRAs, Roth IRAs, Simplified Employee Pensions (SEPs), or Savings Incentive Match Plan for Employees (SIMPLE) IRAs. All IRAs are held for investors

If You Read This After September 28, 2018, You Are Too Late!!!

The Internal Revenue Service terminated its 2014 Offshore Voluntary Disclosure Program (OVDP) September 28, 2018. “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS Commissioner David Kautter. “All along, we have been clear that we

Highly Probably You Will Owe More Tax For 2018

With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, you should plan ahead, understand the options and avoid the huge penalty when filing 2018 Tax Return! And time is moving so quickly you may already be in the unfortunate penalty provisions. Those of u

Avoid penalty for underpayment of taxes for 2018!

Is it possible at this late date?

The new tax act of the Trump Administration, The Tax Cuts and Jobs Act, made significant changes for individuals, but the biggest were the loss of Itemized Deductions for high tax States, like California and New York, where Sales Tax, Real Estate Tax, State Income Tax and Personal Property Tax are capped at $10,000 and for individuals who purchase a home in 2018 of only deducting interest up to a $750,000 mortgage debt (previously $1 million) and interest deductions on home-equity loans is completely eliminated.

Tax year 2017 was a terrible year for individual taxpayers, nearly 10 million U.S. taxpayers penalized for underpayment of estimated tax. You need plan ahead by understanding your options and avoid all or most of the penalty when filing t

IRS Examination Coverage for 2016

The Internal Revenue Service has listed the percentage of tax returns filed and examined by the amount of Adjusted Gross Income, see below. The returns showing Adjusted Gross Income, AGI, for 2016 of $10,000,000 or more were the highest audit at 14.52%. The returns with AGI of $75,000 to under $100,

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