by Ross Lustman | May 8, 2023 | News
On April 3, 2023 the United States Tax Court issued a ruling that may have profound consequences for US citizens with interest in overseas corporations. In Farhy v. Commissioner, 160 T.C. No. 6, the Tax Court held that the IRS did not have statutory authority to...
by Ross Lustman | Feb 27, 2023 | Tax Tips
A crucial consideration for any US citizen who earns an income is whether they should be considered an employee or an independent contractor. The people who hire you will often want to classify you as an independent contractor. This allows them to save on employment...
by bayonetta | Jan 30, 2013 | Information, News
It has become increasingly difficult for U.S. citizens to open bank accounts overseas. The reason is that the IRS has started to implement the Foreign Account Tax Compliance Act, or FATCA for short. FATCA was passed in 2010 in an attempt to prevent overseas tax...
by bayonetta | Jan 24, 2013 | Tax Tips
Many United States expatriates find love when they travel abroad. It’s not uncommon for an American to come to Costa Rica and come to marry a young Tico or Tica. However, a U.S. citizen needs to consider certain tax consequences when marrying a non-citizen. U.S....
by bayonetta | Jan 24, 2013 | Information, Reminders
In 2007, a whistleblower at a major bank in Switzerland disclosed to the IRS millions of dollars in assets belonging to U.S. citizens that were never properly disclosed. This led, in 2009, to one of the biggest settlements in IRS history. Since then, the IRS has been...
by bayonetta | Jan 24, 2013 | Information, News
After months of wrangling, negotiating, and one expensive election, Congress and President Obama finally agreed on a partial deal to avert the so called Fiscal Cliff. The Fiscal Cliff was a set of tax increases and spending cuts that would have gone into effect on...
