Tax News

Although tax returns are not due until after year end, payment of tax is actually due to be paid thorough the year.  This is done either through withholding in your paycheck, or by making estimated tax payments.  If the payments are not made in the proper amounts during the year there is an estimated tax […]

Just after the New Year, I took a trip to Dubai and Abu Dhabi to meet with clients and contacts.  The welcoming and hospitality was overwhelming.  These two cities definitely have all the new age glory as advertised, but there was also much more culture under the surface than I was expecting.  Also more than […]

As part of the Section 965 transition tax, there was the option to elect a penalty free and interest free installment agreement to pay the taxes over 8 years.  While the first two payments were not due until April 15, 2019, the election was required to be made by the extended filing deadline of the […]

The most common question I get during international meetings and presentations revolves around the W-8 series of forms.  The question arises under two situations: 1) Taxpayer is opening a new bank account; or 2) A financial institution is updating its records for FATCA compliance.  Regardless of why the taxpayer is asked to complete the form, […]

Now that the IRS has closed the Offshore Voluntary Disclosure Program, it has issued new guidance on how voluntary disclosures should be handled going forward.  See full text here:  OVDP Process Post Sept 2018 Unfortunately, the memo does not provide much information or any unexpected relief.  Basically, it is only a restatement of the current voluntary […]

Although it feels like we just finished addressing the transition tax, and for many people we did, it has been roughly a year since it was implemented.  Despite having a year for clarification, there is not a lot of helpful information from the IRS at this point.  However, we must do our best to work […]

Last week, Deutsche Bank was raided in an investigation linked to the Panama Papers.  The Panama Papers were a set of leaked documents that contained information on extensive money laundering and tax fraud.  The raid did involve possible business transactions through tax havens, but also strongly revolved around money laundering. In our experience, the global […]

During these difficult times we want to express our concern for the current situation at the San Diego / Tijuana border, while standing in solidarity with our brothers, sisters, colleagues and friends in Mexico.  Regardless of political views, citizenship, or opinions, it is important that we all work together to maintain our relationships both personal […]

Over the summer, the Supreme Court issued its decision in the pivotal case of South Dakota v. Wayfair, Inc.  It will take some time to see the full effects, but for now it appears e-commerce may have taken hit as states prepare to move in and collect sales tax from online retailers. Before Wayfair, the […]

A common misconception is some variation of clients thinking it will be a problem if they invest through the Cayman Islands or open a bank account in Switzerland.  With the fall of the Swiss banks, the stigma of stories such as the Panama Papers, and the global move towards transparency through FATCA and CRS, it […]