International Tax News

FBAR Filing Extensions Will Become Automatic Starting this Year

The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, has explained that starting in 2018 it will automatically grant a six-month extension to October 15 to all taxpayers who miss the April 15, 2018, deadline for filing Reports of Foreign Bank and Financial Accounts (FBARs). However, this year the filing date is…

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Tax Reform and International Taxation

Tax Reform’s Impact on International Taxation By Rose Moore, CPA and Richard Gimbert, CPA On December 22, 2017, President Trump signed the most comprehensive tax overhaul in the last 30 years, the “Tax Cuts and Jobs Act.”  Much attention has been focused on the reduced corporate tax rate and changes to the individual deductions and…

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Transition Tax on Untaxed Foreign Earnings

IRS Provides Guidance on Transition Tax Applicable to Certain Untaxed Foreign Earnings On December 29, 2017, IRS released Notice 2018-07 providing preliminary guidance on the “transition tax” that was enacted as part of tax reform legislation, the Tax Cuts and Jobs Act. Newly enacted Internal Revenue Code Section §965 imposes a tax on untaxed accumulated…

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Value Added Tax

By Rose Moore, CPA and Anita Anand, JD This article is the first in an ongoing series of articles focusing on changes in international taxation that could affect businesses. We hope you find it educational and encourage you to keep an eye out for further articles. The Value Added Tax (VAT) has been a divisive…

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