Review Reporting Obligations for Foreign Accounts and Investments

U.S. taxpayers should review reporting obligations for foreign accounts and foreign investments to avoid civil and criminal penalties. U.S. taxpayers have information reporting obligations with respect to holdings in foreign accounts as well as non-U.S. investments. U.S. taxpayers include U.S. citizens, U.S. resident aliens and business entities formed under state law. Form FinCen 114, colloquially […]

Bipartisan Budget Act of 2018 includes Extensive Tax Provisions

On February 9, Congress passed and President Trump signed into law the Bipartisan Budget Act (BBA) of 2018. While the main aim of the legislation was avoiding a government shutdown by increasing government spending limits and raising the debt ceiling, the BBA contains a large number of tax provisions, including special tax relief in response […]