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2020 Offshore Voluntary Disclosure Options | US International Tax Lawyers
As the new year 2020 begins, it is important for US taxpayers with undisclosed foreign assets to consider their 2020 offshore voluntary disclosure options. Unlike last year, there have not been any drastic changes to the voluntary disclosure options since 2019. In this article, I would like to generally explore the 2020 offshore voluntary disclosure […]
Employee Retention Credit | US Tax Lawyers & Attorneys
/in Legal Notes, Tax Lawyers Minneapolis /by ManagerOn March 31, 2020, the IRS launched the Employee Retention Credit. This new tax credit is designed to encourage businesses to keep employees on their payroll. Let’s discuss the Employee Retention Credit in more detail. Employee Retention Credit: Eligibility Criteria Two categories of employers are not eligible to apply for the Employee Retention Credit: (a) […]
§318 Sidewise Attribution Limitation | US International Tax Attorney
/in International Tax Attorney, Legal Notes /by ManagerThis article explores the third main limitation on the general IRC (Internal Revenue Code) §318 corporate stock re-attribution rules – §318 Sidewise Attribution Limitation. §318 Sidewise Attribution Limitation: What is “Sidewise Attribution”? A sidewise attribution occurs when corporate stock owned by an owner of a business entity (or a beneficiary of a trust or estate) […]
Critical Business Exemption | Minnesota Shelter-In-Place Order
/in business tax lawyers minneapolis, Legal Notes /by ManagerOn March 25 , 2020, the Honorable Tim Walz, Governor of the State of Minnesota, issued a “Shelter-In-Place” Emergency Executive Order 20-20. The Executive Order mandates all persons in Minnesota to stay at home or in their place residence, unless they go out to engage in certain activities or do work for a business which […]
Coronavirus Offshore Voluntary Disclosure: Problems & Opportunities
/in Legal Notes, offshore voluntary disclosure lawyers Minneapolis /by ManagerThe advancement of coronavirus in the United States and around the world has significantly disrupted the normal conditions and assumptions for a US taxpayer who engages in an offshore voluntary disclosure of his unreported foreign income and foreign assets. I will refer to a voluntary disclosure conducted in this context of the coronavirus disruptions as […]
New July 15 Deadline for 2019 Tax Compliance | International Tax News
/in International Tax Attorney, Legal Notes /by ManagerOn March 21, 2020, the IRS moved the federal income tax filing and tax payment due date from April 15, 2020, to July 15, 2020. Let’s discuss the new July 15 deadline in more detail. July 15 Deadline: Why the IRS Moved the Tax Deadline to July 15, 2020? The IRS moved the deadline because […]