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Reminder: Foreign-owned U.S. Disregarded Entities Face New Reporting Requirements

Until recently, disregarded entities (DREs) were typically not required to obtain an employer identification number (EIN) and generally did not have federal ... read more >

IRS Issues Notice for Computing "Transition Tax"

On December 29, the Internal Revenue Service (IRS) and Treasury Department published Notice 2018-07 (Notice), providing guidance for computing the “transition ... read more >

FinCEN Reminds Taxpayers of New FBAR Deadline

The Financial Crimes Enforcement Network (FinCEN) has reminded taxpayers that the due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) ... read more >

Taxation and Information Reporting for Foreign Trusts

The U.S. taxation and information reporting imposed on foreign trusts can be quite complex. A trust is the foreign trust if it is not the U.S. trust. A ... read more >

IRS Highlights Offshore Compliance Programs Achievements and Encourages Taxpayers to Enter the Programs

The IRS’s recent news release shows that the agency has passed several big milestones in moving forward with increasing compliance. Back in 2009, ... read more >

Do You Have an Estate Plan for Digital Assets?

As digital presence of an individual continues to grow, the question of the digital assets estate planning is starting to emerge. There are obvious reasons ... read more >

IRS Encourages Taxpayers to Strongly Consider Voluntary Disclosure Programs

The Internal Revenue Service (the “IRS”) recently announced increasing participation in Offshore Compliance Programs and urged the U.S. taxpayers ... read more >

Tax Planning - The Kiddie Tax and How You Can Avoid It

The federal tax law imposes a kiddie tax on children’s investment income (i.e., unearned income greater than $2,100 for 2015), and the income is ... read more >

IRS Proposed Regulations Remove Requirement to Attach a Copy of Code Sec. 83(b) Election with the Tax Return

To assist taxpayers in e-filing of individual tax returns, the IRS has issued proposed regs[1] that eliminate the requirement that taxpayers must submit ... read more >