The U.S. House of Representatives passed the “One Big Beautiful Bill Act,” which, among other provisions, proposes the implementation of a federal remittance tax.
International Tax
Category
Form 8938: Who must file, and how to file
Form 8938, “Statement of Specified Foreign Financial Assets,”
Proposed Regulations on Previously Taxed Earnings and Profits (PTEP) – Overview
On November 29, 2024, the U.S. Department of the Treasury and the IRS issued proposed regulations addressing the taxation of previously taxed earnings and profits (PTEP).
Denial of Tax-Exempt Status:Students and Academics for Free Expression Case
This case underscores the importance of a complete and well-documented application process for organizations seeking recognition as 501(c)(3)
Understanding the 1040-NR: Filing for Nonresident Aliens
Nonresident aliens (NRAs) file Form 1040-NR, the U.S. Nonresident Alien Income Tax Return, to report income derived from U.S. sources
Foreign Pensions are Foreign Trusts under U.S. tax law
Foreign pensions often present complex tax issues for U.S. taxpayers due to their classification as foreign trusts under the Internal Revenue Code (IRC). These classifications come with stringent reporting obligations, including Form 3520, Form 8938, and in some cases, Form 8621
How to File a Missed FBAR?
This article provides a detailed analysis of how to address missed FBAR filings and explains the distinction between willful and non-willful noncompliance, which determines the applicability of two main resolution process, including the Voluntary Disclosure Practice of the IRS and the Streamlined Filing Compliance Procedures.
Can ITIN Holders Be Shareholders in an S-Corp?
ITIN holders who meet the IRS’s Substantial Presence Test and qualify as U.S. tax residents are eligible to be S-corp shareholders
Investigators worldwide continue to open ‘Pandora’s Box’
The Pandora Papers exposed the financial secrets of powerful people in more than 100 countries, leading to a worldwide crackdown on tax dodgers, money launderers and the white-collar professionals who enable them. From India to Germany, Peru, the U.K. and beyond, two...
Administrative Law
From India to Germany, Peru, the U.K. and beyond, two years after the International Consortium of Investigative Journalists published the Pandora Papers, authorities worldwide continue to investigate, prosecute and legislate against tax evaders, money launderers and...