The Internal Revenue Service today June 4, 2018 announced in IR-2018-131 that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections. The IRS explained the relief in three new FAQs, posted today on…
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US Expats Having Their Accounts Frozen by US Banks
US banks are freezing accounts and investments for American "Expats" to avoid the cost of money laundering and tax avoidance laws. Hundreds of expats have had letters from Fidelity, Wells Fargo, Merrill Lynch, Morgan Stanley and other US financial institutions to notify them that Their Accounts are Closed. The banks say strict US…
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Taxpayer Not in TorB of Flipping Houses & Could Not Take Associated Expenses
The Tax Court in Samadi, TC Summary Opinion 2018-27, has determined that a taxpayer who decided to flip houses with a group of friends and family and obtained his real estate license wasn't entitled to mileage deductions for taking members of the group to see potential properties. The Court found that the taxpayer's real estate…
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The US is Now the 2nd Largest Tax Haven and is Scheduled to be Blacklisted by the EU!
The U.S. is the world’s second-largest tax haven, behind Switzerland and just ahead of the Cayman Islands, according to a report released May 15, 2018. The Financial Secrecy Index, an assessment of global financial centers compiled by the Tax Justice Network, a left-leaning research and advocacy group, bumped up the U.S. from its No. 3 spot…
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