The IRS recently released certain relief procedures for U.S. citizens who relinquished U.S. citizenship (‘an expatriation event”) after March 18, 2010 who are delinquent in their U.S. tax filings.
The purpose of this relief is to allow eligible individuals to escape the potential income tax implications of IRS Code 877A upon expatriation as well as interest/penalties and tax payable for unfiled tax and information returns.
Readers may refer to my 2017…read more
Several enquiries have been received by companies wishing to do business in the United States, some have already incorporated, and some are just in the investigative stage(s).
Annual professional fees can very much be a function of your annual or ongoing compliance costs such as corporate federal and state filings. The latter can increase fees significantly if one is doing business in various states, and whether income tax, franchise tax or…read more
This form is used for a non-U.S. person to have the U.S. payor (considered a withholding agent) to reduce the amount of U.S. tax to be withheld on personal services provided in the United States. The individual providing the service could be an employee or an independent contractor, sole proprietor.
It is possible for a Canadian corporation to …read more
Commencing in 2017, the December 2017 Tax Cuts and Jobs Act required U.S. persons to be taxed on accumulated profits, generally derived from
The December 2017 Tax Cuts and Jobs Act doubled the lifetime exclusion to $11.18M effective for 2018 to 2025, subject to inflation adjustments for subsequent years. The unified tax credit relating to the 2018 exclusion is $4,417,800. For 2019, the exclusion amount is expected to be $11.4M with a unified credit of $4,505,800.
After 2025, the foregoing may or may not be approved by Congress to be of…read more