Failing to file will cost you more than failing to pay your taxes. You should to file your return on time, even if you do not owe anything to the IRS. The penalty for failing to file is significantly more than the penalty for failing to pay. The failure-to-file...
According to the paper published by the Yale Journal on Regulation Bulleting , Vol. 36, 2018 by SeanP McElroy, the mandatory «repatriation tax is unconstitutional. In late 2017, Congress passed the first major tax reform in over three decades. This Essay considers the...
Yesterday, October 22, American Citizens Abroad, Inc. presented oral testimony at the public hearing held by the IRS and Treasury Department, “Guidance Regarding the Transition Tax Under Section 965 and Related Provisions (Ref-104266-18)”. ACA has gone on record twice...
Passive Foreign Investment Company (PFIC) A foreign entity/form of investment is a PFIC if it meets either the income or asset test described below. Income test. 75% or more of the corporation’s gross income for its taxable year is passive income (as defined in...
The Internal Revenue Service has debuted a prototype of the new Form 1040 that hundreds of millions of Americans use to file their annual taxes. The new «postcard sized» form will be used for the 2018 income tax year, which most Americans will file by April 15, 2019....
IRS Announces End of Offshore Voluntary Disclosure Program En español a continuación The Internal Revenue Service announced on March 13th that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By...
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