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Filing Requirements Required Forms Tax Planning

Allen Barron, Inc.

IRS Provides 2023 Tax Return Preparation and Filing Tips

Allen Barron, Inc. on

Are you searching for 2023 tax return preparation and filing tips? The window officially opened to submit 2023 tax returns to the IRS on January 29, 2024. The following day the IRS released IR-2024-38, “Things to remember...more

Allen Barron, Inc.

Part 2 – International Tax Primer for US Taxpayers and Expatriates

Allen Barron, Inc. on

We continue with Part 2 – International Tax Primer for US Taxpayers and Expatriates with one of the most common forms associated with foreign asset and income reporting to the IRS: Form 8938, the Statement of Specified...more

Allen Barron, Inc.

An International Tax Primer for US Taxpayers and Expatriates – Part 1 of 2

Allen Barron, Inc. on

Welcome to part 1 of our Allen Barron International Tax Primer for US Taxpayers and Expatriates. The United States is one of the few countries in the world that taxes its citizens on their worldwide income. US taxpayers are...more

Freeman Law

Procedimiento simplificado ante el IRS para extranjeros fuera de EUA

Freeman Law on

Muchos ciudadanos americanos que viven en el extranjero no presentan su declaración de impuestos en Estados Unidos de América (“EUA”) por diversas cuestiones. Generalmente, esto sucede porque se tiene la creencia que no es...more

Freeman Law

Is a Stiftung a Foreign Trust? Form 3520 Penalties?

Freeman Law on

In the recent case of Rost v. United States, the Fifth Circuit analyzed whether a foreign entity should be classified as a foreign trust subject to IRS Form 3520 penalties.  The case arose in the context of a Liechtenstein...more

Freeman Law

How Do I Know if I Have an IRS Form 3520/3520-A Filing Obligation?

Freeman Law on

Interests in or transactions with foreign trusts can cause headaches for federal income tax purposes. Depending on the interest or transactions at issue, U.S. citizens or residents may have to file a Form 3520, a Form...more

Bilzin Sumberg

IRS Provides More Guidance on “Relevance” and Foreign Entities Making “Check-the-Box Elections”

Bilzin Sumberg on

In a previous post, we highlighted guidance released by the IRS on the topic of “relevance” and some of the implications it had in the pre-immigration planning context.  More specifically, the guidance addressed issues...more

Morgan Lewis

IRS Extends Temporary Use of Electronic and Digital Signatures for Certain IRS Forms Until December 31, 2021

Morgan Lewis on

The US Internal Revenue Service (IRS) extended its temporary approval of accepting digital signatures on certain IRS forms until December 31, 2021 (see Memorandum NHQ-10-1220-000, the Memorandum). This Memorandum has also...more

Morgan Lewis

IRS Approves Temporary Use of Digital Signatures for Certain Forms

Morgan Lewis on

The US Internal Revenue Service (IRS) issued news release IR-2020-194 on August 28, approving the temporary use of digital signatures for certain IRS forms that must be filed with the IRS manually. ...more

Foodman CPAs & Advisors

Treasury and IRS are Aiming to Provide Greater Clarity on International Tax Reporting

On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are...more

Morgan Lewis - ML Benefits

Extended Deadlines Announced for Filing Form 5498

In response to the coronavirus (COVID-19) pandemic, the Internal Revenue Service (IRS) has issued new formal guidance that extends the deadline for providers of individual retirement accounts and individual retirement...more

Foodman CPAs & Advisors

When do you need an IRS Certifying Acceptance Agent?

There are foreign national Individuals and other foreign Persons that do not have or do not qualify for a Social Security Number (SSN) but need a Taxpayer Identification Number (TIN) to file certain tax forms and schedules...more

Foodman CPAs & Advisors

What is new in a “nutshell” for FORM 1040 for TAX YEAR 2018

For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040. Although the IRS’s sentiment is that many Taxpayers will only need to file Form 1040 and none of the NEW NUMBERED SCHEDULES, there will be Taxpayers...more

Foodman CPAs & Advisors

Understating Form W-7 and the ITIN

Foodman CPAs & Advisors on

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for Social Security...more

Foodman CPAs & Advisors

Thoughts about the New Filing Requirements for Foreign-Owned U.S. entities?

Foreign Persons that own 25% of a US entity might want to reassess their strategy as it relates to that ownership. It “used to be” (until December, 2016) that a Foreign Person as a single owner of a Limited Liability Company...more

Foodman CPAs & Advisors

BSA, FinCEN, Treasury and IRS Want to Know: Who is the Ultimate Beneficial Owner (UBO)?

There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities. The U.S. Government is determined to enforce financial...more

Foodman CPAs & Advisors

Here is what you need to know about IRS proposed draft of Form 1040 for 2017

Foodman CPAs & Advisors on

As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form. The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form. The...more

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