U.S. Tax Tips
Sep 17, 2019
As was discussed in our last U.S. Tax Tip, the IRS had announced a number of new compliance programs emanating from their Large Business and International (LB&I) unit. We also had previously reported that one of the IRS compliance programs, the Offshore Voluntary Disclosure Program terminated on September 28, 2018. The Streamlined Compliance Filings Procedures Program (both foreign and domestic), however, is still in effect. It would appear that as time goes on and more taxpayers have become compliant that the value of these programs to the IRS diminishes. At some point in time, the Streamlined Compliance Filings Procedures will also come to an end.
Sep 03, 2019
In a prior U.S. Tax Tip, (July 2018), we had outlined 5 new, at the time, compliance programs that the IRS Large Business and International division (LB&I) introduced. On July 19, 2019 the IRS announced 6 new compliance programs, bring the total to 59. These new programs are S Corporations Built in Gains Tax,
Post OVDP Compliance,
High Income Non-filer,
S. Territories – Erroneous Refundable Credits,
Section 457A Deferred Compensation Attributable to Services Performed Before January 1, 2009. Two of these programs should be of interest to U.S. taxpayers who live outside of the United States. Those two, being Post OVDP Compliance and Expatriation
Aug 19, 2019
Here at Cadesky U.S. Tax, we routinely receiving enquiries from clients who are either considering moving to the U.S. or who are spending a significant amount of time in the U.S. They want to know on what basis they will be taxed. One significant issue that must first be to determine their residency status for U.S. tax purposes. It is common knowledge that a U.S. citizen is subject to U.S. taxation and filing requirements regardless of where they live in the world. The question then becomes, for a non-U.S. citizen – when do they become a U.S. resident?