Tax Compliance Archives - Page 2 of 4 - Christopher J. Byrne PLLC

Blocked Income: Filing Form 3115

When a foreign country places restrictions on its currency, making it difficult or impossible to readily convert into U.S. dollars, the income that has been locked up in the foreign…

October 21, 2016

Foreign Tax Preparation Forms and Filings Internal Revenue Service International Taxation Tax Compliance

U.S. Beneficiary of Foreign Grantor Trust and Non Grantor Trust

A U.S. beneficiary of both a Foreign Grantor Trust and Non-Grantor Trust has certain reporting obligations that they must meet with respect to their interest in a foreign trust. Form…

October 21, 2016

Business Tax Compliance

Compliance Assurance Process

The Compliance Assurance Process (“CAP”) is a program where a team from the Internal Revenue Service (“IRS”) works with participating taxpayers collaboratively to identify and resolve potential tax issues before…

October 21, 2016

Compliance Issues Internal Revenue Code Switzerland Tax Compliance

Justice Department Expecting to Collect over $1.36 billion from Swiss Banks

In the beginning of 2016, the Justice Department reported that it is expecting to collect over $1.36 billion from 80 Swiss banks and financial institutions that admitted to aiding U.S….

October 19, 2016

Compliance Issues FATCA Internal Revenue Code Internal Revenue Service International Taxation Tax Compliance

Bahamas Leak

Just months after the massive document leak known as the Panama Papers, 1.3 million files from the Bahama’s corporate registry has hit the internet in what is being referred to…

October 19, 2016

Business Compliance Issues Tax Compliance

Incorporation Transparency and Law Enforcement Assistance Act

Earlier this year, Representatives Carolyn B. Maloney and Peter King, both New York Congressmen, reintroduced legislation in the House of Representatives that would require disclosure of a corporation’s beneficial owner;…

October 19, 2016

Foreign Tax Preparation International Taxation International Treaty Tax Compliance

Application of Tax Treaties to U.S. Citizens Residing Abroad

U.S. citizens and residents earning income abroad may find that their income is subject to tax in multiple jurisdictions. Some of the effects of double taxation on foreign source wages,…

August 18, 2016

FBAR Miami New York Tax Compliance

FinCen Expands Geographic Targeting Orders

On July 27th, the Financial Crimes Enforcement Network (FinCEN) announced Geographic Targeting Orders (“GTO”) that will temporarily require U.S. title insurance companies to identify the natural persons behind entities used to pay…

August 2, 2016

Compliance Issues OVDI Streamlined Procedure Tax Amnesty Tax Compliance

Panama Papers: Exposure for International Citizens

The Panama Papers, a massive trove of leaked documents from the Panamanian law firm Mossack Fonseca & Co., exposed evidence of the firm creating hundreds of thousands of shell companies…

July 29, 2016

Compliance Issues OVDI Streamlined Procedure Tax Amnesty Tax Compliance

Panama Papers: Department of Justice Continues Investigation on U.S. Citizens

In early May, a massive leak of documents from the Panamanian law firm Mossack Fonseca & Co. known as the Panama Papers showed evidence of the firm creating hundreds of…

July 29, 2016

Compliance Issues OVDI Streamlined Procedure Tax Amnesty Tax Compliance

Panama Papers: Department of Justice Investigates Mossack Fonseca Employees

Documents, known as the Panama Papers, from the Panamanian law firm Mossack Fonseca & Co., showed evidence of the firm creating hundreds of thousands of shell companies and offshore accounts…

July 29, 2016

New York Tax Compliance

Art Dealers and New York State Sales Rules

The New York Attorney General’s office announced that Larry Gagosian, a New York art dealer, agreed to pay $4.3 million in unpaid sales taxes, including interest and penalties, for art…

July 29, 2016

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