US citizens used to be able to take advantage of a tax loophole by investing in foreign mutual funds. These offshore investments were able to defer the US imposition of mandatory distributions, which resulted in the deferral of underlying income …
All Posts by David Holmes
FATCA: Overview & FAQs
The Foreign Account Tax Compliance Act (FATCA) is a US law enacted as a part of the Hiring Incentives to Restore Employment Act (HIRE Act) on March 18, 2010. The purpose of FATCA is to ensure that the United States …
FBAR Basics & FAQs
Commonly known as FBAR, the FinCEN Form 114 came out of the Banking Secrecy Act (BSA) and requires US persons and residents to disclose overseas financial accounts. It is a requirement, of any US citizens and residents with an aggregate …
UK Capital Gains Tax: New Rules for Residential Property
Taking effect from 06 April 2020, residential property will now be subject to a new capital gains tax and payment regime. The new rules dictate that if the disposal of a UK residential property has resulted in a gain, there …
Coronavirus (COVID-19) Tax implications for the UK
The recent pandemic of COVID-19 has impacted everyone from individuals to small businesses to large corporations. However, the UK government, like others, has put in place measure to aid those during this pandemic.
With regards to tax measures, the government …
Coronavirus Relief: Extension of US Federal and State Tax Deadlines
UPDATED:
Do the IRS read these posts? Twelve hours after setting out our view below, (and frustratingly for our team after having explained to clients why they still needed to take action by 15 April) the IRS provided an advance …
Coronavirus Aid Relief and Economic Security (CARES) – Retirement Distributions
The Coronavirus Aid Relief and Economic Security (CARES) Act has removed the 10% penalty for early withdrawals from retirement plans, if the withdrawal is for “Coronavirus related distributions”.
This applies to all defined retirement plans such as:
- 401(K)
- 403(B)
- 457(B)
Coronavirus Aid Relief and Economic Security (CARES) – Recovery Rebate
The recovery rebate is an automatic tax-free payment to help with financial situations, with the amount available being dependant on the filing status of the individual:
- $1,200 to those married filing separate or single
- $2,400 to those married filing jointly
Taxes Through The Ages
The process of taxation has been imposed on billions of taxpayers for many years, but for how long? Let’s take a step back in time and see how taxes have changed throughout the ages.
Taxation in Ancient Egypt?
That’s right! …
Do you have to pay taxes in the UK if you live abroad?
The amount of tax you pay in the UK depends on your residential status. You may find that if you live abroad, you may still be classed as a UK resident for tax purposes and therefore have UK tax obligations.…