According to the Advocate Daily Americans living overseas are being warned that the 'transition tax' introduced by the Tax Cuts and Jobs Act 2017 will again have to be taken into account in their 2018 tax returns. Those who own shares in foreign corporations whose have a fiscal year end other than 31 December must remit…
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Treasury Issue Final Regulations and Guidance on New Qualified Business Income Deduction
The Treasury Department and the IRS issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up…
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Problems With Crypocurrencies – Founder of QuadrigaCX Exchange Dies with Sole Access to Stored Funds
Canada’s largest cryptocurrency exchange, QuadrigaCX, has said that around USD190 million in cryptocurrency and fiat money cannot be repaid to investors, because the CEO and founder, who died in December 2018, had "sole responsibility for handling the funds and coins." No Other Team Member has the Passwords or Can Access These Funds, and QuadrigaCX has…
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FBAR Signatories Have an Extra Year to File Their Form 114
Individuals with signature-only authority over foreign financial accounts have been granted until April 15, 2020 to file their report of foreign bank and financial accounts (FBAR) forms to the US Internal Revenue Service for the tax year just ended. Previously the deadline was April 15, 2019, consistent with the federal income tax due date. …
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