Our Latest Blog Posts
Welcomed Tax Relief to U.S. Individuals Owning Stock in "Controlled Foreign Corporation"
The US Department of the Treasury last week clarified that US individual shareholders will be eligible for 50 percent relief from the new global intangible low-taxed income (GILTI) tax. GILTI was introduced by the Tax Cuts and Jobs Act 2017 (TCJA) in order to encourage large multinational enterprises to repatriate profits stored offshore. The TCJA introduced a
Consider a tax legal opinion to confirm clients' 199A Specified Service Trades or Businesses (SSTB) status
On Aug. 8, 2018, the IRS released proposed regulations around the centerpiece provision of the Tax Cuts and Jobs Act. The new Section 199A tax deduction provides owners of sole proprietorships, partnerships, trusts and S corporations a significant 20 percent deduction on their qualified business income (QBI) beginning in tax year 2018. In general, the deduction is
Traveling? Resolve Tax Debt Before Getting Your Passport
IR-2019-23, February 27, 2019 WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In January of last year, the IRS began implementing new
Make Sure You have Filed FATCA Compliance Certifications
We have recently published the below article in Money Life, a weekly online finance magazine. https://www.moneylife.in/article/make-sure-you-have-filed-fatca-compliance-certifications/56190.html Many Indian banks and financial institutions have in recent years been requesting customers to complete a “FATCA Compliance Certificate”. The reason for the request is