PRE-IMMIGRATION AND EXPATRIATION PLANNING
IWTA assists clients planning to become U.S. taxpayers as well as those terminating their citizen or green card status. We help mitigate the substantial taxes that can result from these decisions.
If you’re a non-resident alien, have business activities or holdings in the U.S., or just visit a lot, Uncle Sam doesn’t need to wait until you seek permanent status to collect taxes. Lack of understanding of the rules can be costly.
If you’re a U.S. citizen or resident alien that has decided to expatriate,Uncle Sam has a parting gift: exit tax. Expatriation is a complicated affair. Before you make this life-changing decision, be aware of all the rules and consequences. Click below for an overview and learn how IWTA can help.
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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.
It is evident that the Covid economy has only intensified the thirst of investors, entrepreneurs and increasingly, average citizens, for an economic model that more seamlessly marries with life-in-the-digital-lane. This article updats the shifting landscape of cryptocurrency, banking and finance and taxes. The future is here and traditional banking must ride the cryptocurrency blockchain or go the way of the abacus.
The U.S. Congress designed the Foreign Investment in Real Property Tax Act (FIRPTA) to collect tax on the sale of a U.S. property by a foreign person or business entity in order to ensure that foreign persons and entities paid tax on their U.S. source (situated) income (i.e., extract a type of capital gains tax that would normally not apply). Looking to boost tax revenues in a tough year of the Covid-19 pandemic, on On October 5th and Sept. 14. 2020, the IRS Large Business & International Division (LB&I) issued notices regarding their resumption of a FIRPTA enforcement campaign.