The IRS issued a press release with recommendations on what to consider when selecting your tax preparer. The IRS release, which is replicated below is also available on its website at: https://www.irs.gov/uac/Newsroom/Tax-Preparedness-Series-Make-a-Wise-Choice-when-Selecting-a-Tax-Preparer. A PDF version of the release may be downloaded here. Tax Preparedness Series: Make a Wise Choice when Selecting a Tax Preparer IR-2015-124,…
DetailsWe wrote a series of articles for Global Tax Weekly on the subject of the US Shipping Tax. Below is the full text of the fifth article. You may also download the article here. This is the fifth in a series of articles on US taxation of income from the transportation of cargo or passengers to or…
DetailsSince October we have been writing a series of articles for Global Tax Weekly on the subject of the US Shipping Tax. Below is the full text of the fourth article. You may also download the article here . This is the fourth in a series of articles on US taxation of income from the…
DetailsSince October we have been writing a series of articles for Global Tax Weekly on the subject of the US Shipping Tax. Below is the full text of the third article. You may also download the article here. This is the third in a series of articles on US taxation of income from the transportation…
DetailsSince October we have been writing a series of articles for Global Tax Weekly on the subject of the US Shipping Tax. Below is the full text of the second article. You may also download the article here. US Taxation of Income from International Shipping – Sourcing Rules This is the second in a series…
DetailsSince October we have been writing a series of articles for Global Tax Weekly on the subject of the US Shipping Tax. Below is the full text of the first article. You may also download the article here. US Taxation Of Income From International Shipping And Offshore Activities This is the first in a series…
DetailsFurther to our June 8th, 2014 email regarding the June 3rd, 2014 announcement by the Commissioner of the Internal Revenue Service that changes to the Offshore Voluntary Disclosure Program (OVDP) and Streamlined Compliance Procedure (SCP) were under development, we are pleased to report that yesterday, the Service published changes to the SCP that substantially improve…
DetailsIn late May, the IRS published the first list of the Foreign Financial Institutions (“FFI”) that have applied for and received Global Intermediary Identification Numbers (“GIIN’s”). The list is searchable at the IRS website. According to the IRS, the list will be periodically updated. Recipients of W-8BEN-E’s are now able to independently verify whether an FFI that…
DetailsThe Net Investment Income Tax (NIIT) went into effect January 1, 2013, affecting tax years beginning on or after January 1, 2013. The NIIT applies to US persons with modified adjusted gross income above the following thresholds: $125,000 for filing status married filing separately; $200,000 for filing status single or head of household; and $250,000…
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