The IWTA International Tax Journal

Breaking news, expert advice and opinion on global tax laws and foreign investment strategies.

Real Estate

IRS Introduces Tax Relief Measures for Those Impacted by Covid-19

IWTA Breaking Tax News:
IRS Introduces Tax Relief Measures for Those Impacted by Covid-19

On November 2, 2020 the Internal Revenue Service announced changes designed to de-stress taxpayers filing late 2019 returns, and those that have fallen behind on previously-negotiated installment agreements or otherwise struggling to pay balances owed.
In short, any taxpayer struggling financially due to the pandemic can take comfort in and advantage of the second phase of tax relief — what the IRS calls its “People First” initiative. This applies to small business owners too, who have been hurt badly by the pandemic-induced economic slowdown.

FAQ
It Happened in South Dakota

It Happened in South Dakota

The Pandora Papers, a recent reveal of pervasive cross-border financial crime and elaborately-crafted tax dodging structures, as reported by a global network of investigative journalists, has
already shaken up governments and elections, upended tax authorities and initiated criminal investigations… Perhaps the most intriguing revelation of all from a stateside perspective was the emergence of South Dakota as a preferred tax haven of the rich and famous.

It Happened in South Dakota

It Happened in South Dakota

The Pandora Papers, a recent reveal of pervasive cross-border financial crime and elaborately-crafted tax dodging structures, as reported by a global network of investigative journalists, has
already shaken up governments and elections, upended tax authorities and initiated criminal investigations… Perhaps the most intriguing revelation of all from a stateside perspective was the emergence of South Dakota as a preferred tax haven of the rich and famous.

Three Key Tax Implications of the Biden Administration’s New Infrastructure Bill

Three Key Tax Implications of the Biden Administration’s New Infrastructure Bill

Three KeyTax Implications of the Biden Administration’s New Infrastructure Bill

The long-awaited infrastructure proposal was approved by Congress late last week and has been signed into law by President Joe Biden. As part of the President’s mission to “build back better,” the proposal is a considerable investment in the country’s infrastructure.

And while not as large as once envisioned — originally, it was $3.5 trillion — it is still a substantial amount at $1.2 trillion. Funding for the Infrastructure Bill will come from a few sources.

International tax expert Jack Brister comments on some of the tax changes that will impact businesses and investors.

Third Quarter 2021 U.S. Economic Outlook: Vaxed, Taxed, and Roaring Back

Third Quarter 2021 U.S. Economic Outlook: Vaxed, Taxed, and Roaring Back

It’s been a year and a half since the onset of COVID-19, and there’s encouraging news for clients. The U.S. economy is bouncing back to life thanks in part to government aid and relatively high vaccination rates. The national economy grew at a seasonally adjusted, 6.5% annual rate in the second quarter, a sign that the nation has achieved a sustained recovery from the pandemic-induced recession. In fact, the economy has now surpassed its pre-pandemic levels.

IRS Introduces Tax Relief Measures for Those Impacted by Covid-19

IWTA Breaking Tax News:
IRS Introduces Tax Relief Measures for Those Impacted by Covid-19

On November 2, 2020 the Internal Revenue Service announced changes designed to de-stress taxpayers filing late 2019 returns, and those that have fallen behind on previously-negotiated installment agreements or otherwise struggling to pay balances owed.
In short, any taxpayer struggling financially due to the pandemic can take comfort in and advantage of the second phase of tax relief — what the IRS calls its “People First” initiative. This applies to small business owners too, who have been hurt badly by the pandemic-induced economic slowdown.