IRS releases guidance on tax deadline postponement

By Michael CohnMarch 25, 2020, 10:52 a.m. EDT The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic. The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April…

IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts

Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…

New IRS relief for those wanting to renounce US citizenship

On September 6, 2019, the IRS announced “Relief Procedures for Certain Former Citizens”, a new amnesty program for certain U.S. citizens who have renounced, or intend to renounce, their U.S. citizenship.   Among other requirements, you must have renounced U.S. citizenship after March 18, 2010, and have never filed a U.S. Form 1040 income tax return.  …

Canada: Relief Coming For US Citizens Living Abroad? Unfortunately, We Don't Think So

Last Updated: January 7 2019Article by Azam RajanMoodys Gartner Tax Law LLP On December 20, 2018, in the middle of the perfect storm on Capitol Hill created by the impending change in control of the House of Representatives back to the Democratic party, threatened government shutdown, and President Trump’s border wall funding demands, a bill was…

IRS CRIMINAL DIVISION NOW SEEKING NON-COMPLIANT US CITIZENS & GREEN CARD HOLDERS

The IRS Criminal Investigation (“CI”) Division is abruptly and drastically expanding its activities to locate and prosecute non-compliant US taxpayers. ACTIONS THE IRS IS TAKING International Tax Enforcement Group Don Fort, the newly appointed IRS Chief of Criminal Investigation is forming an “International Tax Enforcement Group”, in addition to a new “Nationally Coordinated Investigations Unit”.…

Congress is considering giving Americans in Canada an incredible tax break

Stay tuned, and call me if you have questions: Charles M. Bruce: This change would align U.S. rules with that of just about every other country in the world The U.S. Congress has been mulling changes in the way American individuals abroad are taxed.Canadian Press Special to Financial Post November 7, 2017 10:26 AM EST…

IRS AMNESTY FOR NON-US CITIZENS AND NON-GREEN CARD HOLDERS WHO MOVED TO THE US IN RECENT YEARS

The IRS streamlined amnesty procedures for US citizens and green card holders have been well publicized, but less mentioned has been the IRS procedure for US residents who are not US citizens and who do not have green cards. This includes people who have met the IRS “substantial presence test” in the US but have…

Ten things you need to know about passport restrictions on delinquent taxpayers

http://www.accountingtoday.com/opinion/ten-things-you-need-to-know-about-passport-restrictions-on-delinquent-taxpayers In late 2015, Congress passed the Fixing America’s Surface Transportation Act, a law that, among other things, helps the IRS collect larger tax debts. Included in the FAST Act is Section 7345 of the Internal Revenue Code, which requires the IRS to provide information to the U.S. State Department about people who owe “seriously…