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Do you own 10% or more of the shares in a foreign corporation? Then you may be required to file IRS Form 5471 (“Information Return of U.S. Persons With Respect to Certain Foreign Corporations”). IRS Form 5471 Form 5471 is a required informational return for certain categories of filers (there are four different categories of […]
On September 21, 2011, the Internal Revenue Service launched a new program, the Voluntary Classification Settlement Program (“VCSP”) that will enable many employers to resolve past worker classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers. The main benefit of the new program is that it […]
On September 14, 2011, the Internal Revenue Service issued guidance designed to clarify the tax treatment of employer-provided cell phones. The guidance relates to Section 2043 of the Small Business Jobs Act of 2010, Pub.L.No. 111-240 (enacted last fall) that removed cell phones from the definition of listed property, a category under tax law that […]
With the price of commodities sky-rocketing in the past decade, many individuals have made substantial gains by directly investing in physical gold and other precious metals, especially in popular investment vehicles such as gold Exchange Traded Funds (ETF’s). However, there may be a downside for unsuspecting investors when it comes to paying taxes on those […]
US tax residents and citizens are taxed based upon their worldwide income. This can often result in individuals being subject to double taxation. To provide relief from this problem, the Foreign Tax Credit (FTC) provisions were enacted. There are two types of FTC’s, the direct credit and the indirect credit. Direct Foreign Tax Credit In […]