Foreign Tax Preparation International Treaty Tax Compliance

Foreign Tax Credit – Federal and North Carolina

When filing a federal tax return, a taxpayer may qualify for the foreign tax credit.  The foreign tax credit may be claimed for foreign tax imposed on a taxpayer by…

Forms and Filings International Taxation Visas

Tax Consequences of the EB-5 Program

In 1990, Congress created the EB-5 program to stimulate the U.S. economy through job creation and capital investment by foreign investors.  The EB-5 program grants green cards to immigrants who…

Business Court Case Elections Entity Classification Tax Compliance

S-corporations, Nonresident Aliens and Community Property Laws

An S-corporation is a business entity in which all of the corporate income, losses, deductions, and credits each year are passed through to the shareholders for federal tax purposes.  Shareholders…

Internal Revenue Code U.S. Withholding

§ 1031 – Like Kind Exchanges

When selling a business or investment property, a taxpayer is generally subject to tax on ordinary income, capital gain, deprecation recapture and/or a Medicare surcharge (“Obamacare”).  Paying these tax liabilities…

Compliance Issues Forms and Filings Tax Compliance U.S. Withholding

FIRPTA Changes Encourage New Wave of Foreign Investment

Congress amended the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) in the Protecting Americans from Tax Hikes Act of 2015, signed into law on December 18, 2015. …

Compliance Issues FBAR Forms and Filings

Proposed Rules for Bank Secrecy Act Regulations

On March 1st, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued proposed rules to modify regulations issued under the 2011 Bank Secrecy Act regarding the reporting…

Compliance Issues Tax Compliance Wills

Executors and Personal Tax Liabilities

When an executor is appointed to an estate, he or she must exercise due care to ensure that he or she is fully aware of the priority of payments that…