Articles
Treasury and IRS Issue Proposed Regulations for Brokers Reporting for Sale or Exchange of Digital Assets
In an era where digital assets are becoming increasingly prevalent, the U.S. Department of the Treasury, alongside the Internal Revenue Service (IRS), has taken a monumental step. They've in...
IRS Issues Warning of Scammers Pretending to be the IRS
As tax season continues, the Internal Revenue Service (IRS) has issued a pressing warning about a wave of email and text scams targeting taxpayers. Expatriates, in particular, must be vigilant as they may be more susceptible to these fraudulent schemes. Below we'll explore the various scams that have been identified and pr...
Important Update: Elective Pay Eligibility for Energy Credits Under the Inflation Reduction Act
Are you an expatriate involved in energy-related projects or part of an organization that may qualify for energy credits? The IRS has recently announced new guidelines concerning elective pay eligibility for certain energy credits under the Inflation Reduction Act. Here's what you need to know: Who Can Ben...
IRS Extends Tax Deadlines for Vermont Flood Victims
The Internal Revenue Service (IRS) has announced a significant tax relief initiative for victims of the recent flooding in Vermont. The agency is extending various individual and business tax return filing and payment deadlines to November 15, 2023. This measure aims to provide essential financial relief to those affected by t...
An important update for U.S. owners of businesses incorporated outside of the United States
In a landmark ruling that could have far-reaching implications, the U.S. Tax Court has recently made a decision that could significantly impact U.S. owners of businesses incorporated outside of the United States. The case Farhy v. Commissioner has challenged the IRS<...
Penalty Abatement Options for Forms 5471, 5472, and 8865
The U.S. tax system demands that individuals and corporations with international ties submit various information returns to the Internal Revenue Service (IRS). Failure to comply within the stipulated time frame can lead to hefty penalties. However, various options can help lessen or even nullify these penalties. Key...