Mel Whitney
Articles
Bitcoin Taxes – Frequently Asked Questions
Since its launch, Bitcoin has been hard to describe. Is it a currency? An investment? Some completely new? This made it difficult to figure out the tax laws for the cryptocurrency. This year though the IRS stepped in and gave an official ruling for the tax laws on bitcoins. To help you prepared for your tax return, here are the answers to the top...
Secret Swiss Bank Accounts for US Citizens – Not So Secret Any Longer
The secret Swiss bank account is the stuff of legend—or at least of TV shows, movies, and novels. A tiny landlocked country with few natural resources, Switzerland made a name for itself in the global banking industry, and one of its ...
What Happens When You Fight FBAR Penalties in a Court of Law?
We at TFX discuss FBAR and penalties for failure to file FBAR frequently, but it’s not too often that we take you beyond the initial assessment of penalties and into the minds of the Judge and jury members. For some who are familiar w...
FATCA Impact on Non-US Citizens
The HIRE Act (Hiring Incentives to Restore Employment) was passed by Congress in March of 2010. Essentially, it was passed to restore employment in order to stimulate growth out of a depression of the United States economy. Part of the HIRE Act, however, was a US tax code amendment which is known as Section 60...
Buying Foreign Real Estate
Moving abroad is a difficult and complicated process even apart from the issue of real estate. Purchasing real estate overseas has complicated implications on your expat taxes. Because US citizens’ worldwide transactions must be reported on expat tax forms, this art...
US Taxes for Foreign Nationals. Substantial Presence Test
A non U.S. citizen's tax obligation to the U.S. is determined by his or her residency status. Resident aliens (ie green card holders) must follow the same filing rules as U.S. citizens, for example. Non-resident aliens (ie foreign citizens with no green card) who earn...