As should be clear to anyone reading our blog —- if you are not up to date with your US tax filings THE IRS IS COMING TO GET YOU! More and more non-US advisors, banks, and trust companies, for example, are requiring their US clients to be complaint with their US tax obligations; some are […]

Please note a newer post was published on this topic in March 2020. What is the IRS definition of a US Person? The below discussion focuses on individuals, however, entities, such as corporations, partnerships, and trusts are also US persons and have worldwide tax and reporting obligations as well, including the FBAR or Fincen form […]

The United States imposes its Income Tax on US PERSONS based on the person’s worldwide income.  It does not matter where you live – if you are a US PERSON or as an advisor have a US PERSON in your investment structure, you (or they) are subject to US Income Tax. Many American citizens who […]

The IRS has recently announced various tax benefits increases for 2013 which will be of interest to our clients: WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions. The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for […]

On 2nd October 2012, the Swiss Government announced that the implementation of the UK Swiss Tax Agreement with HM Revenue & Customs will not be put to a referendum vote in Switzerland. The result of this decision is that the contents of the UK Swiss Tax Agreement will become law in Switzerland with effect from […]

As those of you who have been keeping up on the FATCA developments are aware, various rules imposed under the proposed FATCA regulations set forth a number of implementations dates beginning in January 2013. As a result of numerous comments these deadlines have been extended to 2014 and 2015, according to this IRS announcement. Summary […]

On 15th September 2012, Decree 2012-1050 was published that sets the deadline for filing French tax returns for trusts at 30th September 2012. Trusts, wherever they are located, must comply with the new French tax obligations, which apply from 1st January 2012.  The trustee is required to comply with certain declaration obligations when: The settlor […]