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Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday
September 22, 2020
Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday Following the failure of Congress to pass the most recent round of COVID-related economic stimulus, which has still not occurred, President Trump, by executive order, postponed the collection and remittance of Social Security taxes withheld from employees’ checks. This Social Security tax amounts…
Read MoreThis past month, Deutsche Bank has agreed to pay out $95 million dollars to resolve a lawsuit brought against the bank by the US Government. The suit, which was filed back in December of 2014, alleges that Deutsche Bank, in 2000, had been using an insolvent shell company within the United States to hide significant…
Read MoreEmigration instead of Immigration*
September 28, 2012
The United States are a nation of immigrants and over years U.S. citizenship was a desirable commodity. Now the United States faces a new trend: emigration and renouncement of U.S. citizenship. Since 2009, the IRS (Internal Revenue Service) has recorded a rise in citizenship renunciations. In the last few years more and more U.S. citizens…
Read MoreFBAR and the 2012 Offshore Voluntary Disclosure Program
July 11, 2012
Established pursuant to the Bank Secrecy Act (BSA), the “Report of Foreign Bank and Financial Accounts” (FBAR) filing requirements have been in place now since 1972. Despite its long existence, the section in FBAR requiring U.S. persons to file Form TD F 90-22.1 (better known as the “FBAR form”) has only been strictly enforced in…
Read MoreForeign Account Tax Compliance Act (FATCA)*
May 4, 2012
KURZ UND KNAPP 1. Was ist FATCA? Der Foreign Account Tax Compliance Act, kurz „FATCA”, ist in 2010 als Teil des US-Gesetzes HIRE Act in Kraft getreten.Die stufenweise Umsetzung durch US-Behörden und Finanzinstitute ist bis Anfang 2013 abzuschließen. 2. Ziel Ziel ist die Erfassung von Vermögenswerten US-steuerpflichtiger Personen und Gesellschaften auf Konten im (US-)Ausland. 3.…
Read MoreI.R.S. Revives Voluntary Disclosure Program for Offshore Accounts
January 10, 2012
At the beginning of last year we reported on our blog about the amnesty program of the Internal Revenue Service (I.R.S.) for offshore accounts. Yesterday, the I.R.S. announced that it would revive its so-called voluntary disclosure program for offshore accounts. The I.R.S. collected $4.4 billion in two previous programs The program’s revival is part of…
Read MoreFor most Americans a Swiss bank account is one of those things that everyone perceives as a sign of wealth and prestige. Keeping your money safe, secure, and most importantly secret, at an office in Zurich or Geneva was supposed to be the pinnacle of security for the funds of the rich. The reason for…
Read MoreIRS Begins Processing Tax Forms Affected by Late Tax Changes Taxpayers can e-File Immediately
February 17, 2011
The Internal Revenue Service announced on February 15, 2011 it has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately. On 2/14/2011 IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A,…
Read MoreAnother I.R.S. Amnesty for Offshore Accounts
January 25, 2011
The Internal Revenue Service (I.R.S.) said on Monday that it would soon announce a new amnesty program aimed at encouraging wealthy Americans with hidden offshore bank accounts to come forward, declare their money and pay taxes owed. For more information, please visit our website. Best regards und viele Grüße aus Charlotte Reinhard von Hennigs www.bridgehouse.law
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