Personal Finance

U.S. Tax Compliance Concerning Foreign Income, Accounts, and Entities

United States citizens and residents (“U.S. persons”) need to comply with two U.S. statutory schemes concerning foreign income, accounts, and ...
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Why You Should File Your Delinquent Income Tax Returns

COVID Tax Tip 2020-77, recently issued by the Internal Revenue Service, gives reasons why taxpayers should file a 2019 income ...
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Forms 3520 and 3520-A: What You Need to Know

If you own an interest in a foreign trust, you may be required to file Form 3520, Annual Return To ...
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The Time May Be Right for an Offer in Compromise

In ordinary times, an offer in compromise is rarely in a taxpayer’s best interests.  Most offers in compromise are ultimately ...
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U.S. Income Taxation of U.K. SIPPs and ISAs

Note:  This is the third of three articles on United States income taxation of British Self-Invested Pension Plans (“SIPPs”) and ...
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Long-Term Care Insurance Policy Reinstated

A recent case involved a husband and wife who purchased long-term care insurance policies in 2001.  Each policy provided a ...
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IRS Relents from Collection Action in Coronavirus Pandemic

The Internal Revenue Service has temporarily closed its call-in collection service centers.  When a taxpayer fails to make a payment ...
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CARES Act Loans for Small Busnesses

The just-enacted Coronavirus Aid, Relief, and Economic Security (‘‘CARES’’) Act makes loans available to eligible small businesses to help them ...
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Payroll Tax Holiday Is a Terrible Idea

A proposal has been floated to suspend the Federal payroll tax for six months to a year as a means ...
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Photo courtesy Upsplash/Nicole Geri

New Law Imperils Tax Debtors’ International Travel

Internal Revenue Code § 7345, effective December 22, 2017, provides that if an individual has a seriously delinquent tax debt, ...
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