International Tax News

IRS Relieves U.S. Shareholders of Certain Foreign Corporations

IRS Grants Relief to U.S. Shareholders of Certain Foreign Corporations The IRS recently granted relief to certain U.S. persons who own stock in certain foreign corporations affected by the repeal of Internal Revenue Code Section 958(b)(4) under the Tax Cuts and Jobs Act. Revenue Procedure 2019-40 limits the inquiries that U.S. persons must make to…

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2020 Inflation-Adjusted Figures for International Tax Items

2020 Inflation-Adjusted Figures for International Tax Items Various dollar figures related the holidays and the beginning of a new year to international tax are adjusted annually for cost-of-living increases. These adjustments reflect a measure of inflation that was revised by the Tax Cuts and Jobs Act (TCJA) called the average “chained Consumer Price Index (CPI)…

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Tax Compliance for Nonfiler Expats

New Tax Compliance Procedures for Nonfiler Expats U. S. citizens, regardless of whether they live in the United States or abroad, are required to report and pay to the IRS all applicable taxes on their worldwide income, including on their income from foreign financial assets. To comply with existing tax law and to avoid significant…

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FBAR Penalty Not Time-Barred

In the Courts: Individual’s FBAR Penalty Not Time-Barred In U.S. v. Schwarzbaum, a federal district court recently rejected an individual’s claims that penalties assessed against him for failing to file multiple Reports of Foreign Bank and Financial Accounts (FBARs) should be set aside. He argued that they were assessed after the limitations period had expired. The…

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Report: TCJA Impacts International Corporate Tax Rules

Report Addresses TCJA Impact on International Corporate Tax Rules The Congressional Research Service recently issued a report that looks at how changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) to international corporate tax rules addressed concerns under previous tax law. The report also points out problems, issues and legal uncertainties that…

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