IRS Waives Underpayment Penalty…….Sort of

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 […]

W-8 or W-9?

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, […]

Voluntary Disclosure Post OVDP

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 […]

Transition Tax: What’s Next

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 […]

Wayfair: A New World for Online Sellers

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 […]

Don’t Be Scared, It’s Only Reporting

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 […]

Start typing and press Enter to search