Articles
Navigating the 2023 tax season: Reporting digital asset income
As the digital economy continues to expand, the Internal Revenue Service (IRS) has updated its guidelines for reporting income from digital assets. Understanding digital assets Digital assets represent value recorded on a cryptographically secured, distributed ledger. Key types of digital assets include: ...
IRS extends tax deadlines for Connecticut residents due to severe storms
Overview of the tax relief Following severe weather events in Connecticut starting on January 10, 2024, the IRS has announced an extension of tax deadlines for affected individuals and businesses. This comprehensive overview details the relief measures, deadlines, and who qualifies for this extension. Detailed ext...
Webinar: New tax savings & tax credit opportunities for expats
TFX has recently hosted a comprehensive webinar on new tax savings available to many expats as a result of a recent court ruling. Wendy Christensen, CPA, covered a range of topics discussing pertinent to US expats, American citizens with non-US investments and real estate. ...
2024 Tax season update: Filing begins January 29
The IRS has set January 29, 2024, as the commencement date for the 2024 tax filing season. This marks the beginning of the period when the IRS will start accepting and processing 2023 tax returns. It is anticipated that over 128.7 million individual tax returns will be filed by the April 15, 2024, deadline. Preparat...
New beneficial ownership information reporting for small business owners effective January 1, 2024
A significant shift in US corporate transparency Starting January 1, 2024, the Corporate Transparency Act (CTA) and regulations implemented by the FinCEN necessitate certain US-created or registered entities to disclose personal details about their beneficial owners and senior officers to the federal government. This move is...
IRS launches email notifications for notices & letters
In an era where digital convenience is king, the IRS has taken a significant leap forward, particularly benefiting the expatriate community. We’re excited to bring to your attention a significant development from the IRS that directly impacts the way expatriates receive and respond to various types of notices and letters. <...