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The Ultimate Tax Guide: Biden is president-elect: should I do any year-end tax planning?

The Ultimate Tax Guide: Biden is president-elect: should I do any year-end tax planning?

by Marina Hernandez | Nov 25, 2020 | Tax Planning

Since we are approaching December, I thought it would be a good time to discuss a few 2020 year-end tax planning tips. This is a challenging year for tax planning because….surprise!…..in unsurprising 2020 fashion, we still have a lot of uncertainty in the...
I received a gift or inheritance from overseas: Does the IRS need to know?

I received a gift or inheritance from overseas: Does the IRS need to know?

by Marina Hernandez | Nov 18, 2020 | Tax Planning

This week, we are going to talk about reporting requirements for US tax persons who receive a foreign gift or inheritance from overseas (Form 3520). Last week, an observing tax pro colleague noticed that the IRS had quietly made a change on their website, impacting...
Help! I am a Swiss resident with a US trust – Part II

Help! I am a Swiss resident with a US trust – Part II

by Marina Hernandez | Nov 11, 2020 | Swiss resident with a US trust, Tax Planning

Last week we discussed trusts, what they are used for and that Swiss resident US citizens usually need a Swiss tax ruling to determine how their US trust will be taxed in Switzerland. We further explained that Switzerland will typically classify US trusts as revocable...
Help! I am a Swiss resident with a US trust

Help! I am a Swiss resident with a US trust

by Marina Hernandez | Nov 4, 2020 | Swiss resident with a US trust, Tax Planning

We are taking a break from The Ultimate Tax Guide this week and next week to answer, in two parts, a question I received from a reader. We’ll get back to our 37 Tax Insights in a couple of weeks when we will start discussing foreign tax credits. The issue we will be...
The Ultimate Tax Guide – Tax Insight #12 – FBAR and FATCA, Happy 50th birthday FBAR!

The Ultimate Tax Guide – Tax Insight #12 – FBAR and FATCA, Happy 50th birthday FBAR!

by Marina Hernandez | Oct 28, 2020 | FBAR & FATCA, Tax Planning

This is the third installment of our series covering the differences between FBAR and FATCA reporting for US taxpayers. FBAR and FATCA FAQs #11-20 11. Can I file a joint FBAR with my spouse? Yes. But there are conditions. Married couples can file a joint FBAR to...
The Ultimate Tax Guide – Insight #12 Part II: About FBAR, FATCA and making mistakes

The Ultimate Tax Guide – Insight #12 Part II: About FBAR, FATCA and making mistakes

by Marina Hernandez | Oct 21, 2020 | FBAR & FATCA, Tax Planning

This week we´re going to continue the discussion of the differences between FBAR and FATCA reporting for US taxpayers. As I was putting together the resources to write this week’s post of the Blog, I came across two examples of mistakes related to one of the topics we...
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Recent Posts

  • Where’s my refund? How do I calculate foreign tax credits?
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  • Making sense of foreign tax credit baskets without becoming a basket case
  • New Expanded Child Tax Credit and Speaking of credits: Foreign Tax Credit!
  • ARPA and Foreign Earned Income Exclusion 2020 Tax Return Considerations

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