According to Law360, President Donald Trump and his accounting firm must comply with a subpoena from the Manhattan district attorney and hand over tax returns, the Second Circuit ruled on November 4, 2019, in a decision that will likely be appealed to the U.S. Supreme Court. The Second Circuit disagreed with U.S. District Judge Victor…
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IRS Auditors Set to Audit Companies that Owe Repatriation Tax
The Internal Revenue Service said on November 4, 2019 that it would begin examinations of U.S.-based multinational companies’ 2017 and 2018 returns to ensure they comply with the repatriation tax provision of the tax overhaul enacted two years ago. To promote compliance with Internal Revenue Code Section 965 , the IRS said it would start scrutinizing…
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NRAs Spending > 120 Day in the US May Have US Tax Liabilities
Spending more that 3 months a year in the U.S. may trigger taxable residency without realizing it, bringing with it the additional responsibility of financial reporting obligations and potentially creating tax liability for any affiliated offshore companies. You will be considered a United States resident for tax purposes if you meet the substantial presence test…
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Trump's Change of Domicile from NY to Fl Will Save Him $$$
Donald Trump has announced that he intends the change his residence from New York to Florida. Many others wealthy individuals know that this change of domicile results in: $0 in Florida State income tax, down from top rates in New York state of 9% and New York City of 4%. $0 in Florida Estate tax, down from New York’s…
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