A person does not need to live in the US for US estate tax issues to arise. Foreign individuals who own US real estate, investments, or other US assets may leave their estate with a federal filing requirement, potential estate tax liability, and possible state-level obligations. Learn when Form 706-NA may be required and why the $60,000 threshold can catch families by surprise.

The IRS has released new guidance explaining upcoming changes to how taxpayers send and receive money from the federal government. Under a recent Executive Order, the Treasury Department is moving toward electronic payments for tax refunds and tax balances due. The goal is to make transactions faster, safer, and more efficient while reducing fraud and paper check processing. Most taxpayers already use direct deposit, but the new guidance encourages broader use of electronic payment options and outlines limited exceptions for those who cannot use digital methods.

The Tax Cuts and Jobs Act (TCJA) of 2017 brought significant tax reductions for individuals and businesses. However, many of its provisions are set to expire on December 31, 2025, leading to potentially higher tax burdens. Congress is currently debating potential extensions or modifications to certain provisions. We outline key changes and strategies to help you prepare.

On December 19, 2023, the U.S. Treasury Department announced that the U.S.-Chile Income Tax Treaty is now in force. The treaty provides for reduced withholding tax rates on interest, dividends, and royalties, as well as seeking to eliminate double taxation.

For taxpayers living and working abroad, it can be quite complicated trying to determine how to file taxes in not one but two tax jurisdictions. The penalties for failing to comply in the U.S. are astronomical. But the clock is ticking on ticking on getting into compliance. Not only does the IRS have additional funding and has recently hired 4,000 more agents but we have a new IRS commissioner. What does that mean for the existing amnesty programs for taxpayers who have either failed to report some of their foreign income or foreign assets? The clock is ticking…

The repeal of Roe vs. Wade is having all sorts of unintended consequences, even in the tax world. In an effort to conform Georgia’s abortion law to tax law, Georgia has changed the definition of a tax dependent to include any humans, including an unborn child. This will result in an additional Georgia tax deduction of $3,000 for each unborn child.