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Thought Leadership

Deadline Approaching for Filing BEA Survey Forms

Deadline Approaching for Filing BEA Survey Forms

The Bureau of Economic Affairs (BEA), which provides data on U.S. international trade, has set a deadline of May 29, 2020 or June 30, 2020 (depending on the number of filings) for the filing of two survey forms-- BE-10 and BE-15. The BEA uses information from these surveys to produce periodic…

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International COVID-19 Travel Prompts New IRS Rules

International COVID-19 Travel Prompts New IRS Rules

U.S. individual taxpayers who returned to U.S. due to COVID-19

Under a new IRS rule (Rev. Proc. 2020-27), taxpayers who were living abroad and planned to claim the Foreign Earned Income Exclusion (FEIE) but had to return to the United States as a direct result of the COVID-19 pandemic…

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Retirement Piggy Bank

IRS Relieves Reporting Burden for Foreign Retirement Trusts

On March 2, 2020, the IRS released Revenue Procedure 2020-17 which exempts certain U.S. citizens and resident individuals who have ownership of or transactions with tax-favored foreign retirement and non-retirement savings trusts from reporting requirements. Taxpayers who qualify for this relief…

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Calculator

Are You GILTI of Not Paying Enough Tax on Global Income?

Final Rules Released — Along with a Newly Proposed High-Tax Exception

The 2017 Tax Cuts and Jobs Act (TCJA) created a new framework for international taxes, including the concept of global intangible low-taxed income (GILTI), that affects U.S. taxpayers who own stock in foreign…

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Earth on Chalboard

In Pursuit of Global Tax Transparency

In today’s global economy, multinational corporations engage in numerous cross-border transactions. But how they report those transactions is often vague. To help minimize stakeholders’ exposure to potential hidden risks, the Financial Accountability & Corporate Transparency (FACT) Coalition…

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Different Paper Currencies

Do You Need to Bring Foreign Earnings Home by 12/31?

Did you pay tax on a Section 965 inclusion in 2017? Do you plan to repatriate cash out of the earnings that were taxed under Section 965?

If so, it is important to consider distributing the cash before the end of your 2018 tax year. If you are a calendar-year taxpayer, cash should be…

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