June 2017

Trinidad & Tobago left as the last blacklisted tax haven

The last tax havens to resist the global crackdown on evasion have bowed to intensifying political pressure over the leaked Panama Papers, experts said on Wednesday. The Paris-based Organisation for Economic Co-operation and Development said: “massive progress” had been made over the past year as it revealed there would be no significant offshore centers on

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Do I have to annually report PFICs held in a UK pension scheme?

I assume that the employee is a US citizen who works in the UK, a resident of the UK under the US-UK income tax treaty, and has an approved pension scheme under UK law that his employer funded for work performed in the UK. The PFIC annual reporting requirements In general, if a US person

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Supreme Court Decision Means Thousands Automatically Get U.S. Citizenship

The Supreme Court on Monday struck down a federal law that treats children born overseas to unmarried parents differently for purposes of citizenship depending upon whether the biological father or mother is a US citizen. Under the law, US citizen fathers have to spend at least five years in the states before the child could

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What Filing Status Should a Married Same Sex Couple Use?

The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the holdings in Revenue Ruling 2013-17 in 2013-38 IRB 201.   Q1. When are individuals of the same sex lawfully married for federal tax purposes? A1. For federal tax purposes, the IRS looks to state or

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Which Filing Status Should Unmarried Same Sex Couples Use?

The following questions and answers provide information to individuals of the same sex and opposite sex who are in registered domestic partnerships, civil unions, or other similar formal relationships that are not marriages under state law. These individuals are not considered as married or spouses for federal tax purposes. These individuals are referred to as

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