What Is An FBAR? Taxes From A to Z®
Learn what an FBAR is, who must file one, what the threshold is, and which foreign assets count.
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Shedding Light on the New Requirements for Information Reporting
Over the past few years, the IRS has increased its compliance and enforcement efforts focused on payment transactions between US and foreign persons. However, these new information-reporting requirements can confuse and intimidate taxpayers. What changes has the IRS made to tax information reporting requirements? On today’s episode of the Taxgirl podcast, Kelly is joined by…
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What CEOs Think About the Economy and New Challenges Ahead
The world seems to be finally recovering as we emerge from the pandemic. The global economy has rebounded, and the global GDP is projected to increase. But will this trend continue? What do CEOs think about the economy and next steps? On today’s episode of the Taxgirl podcast, Kelly is joined by Kathryn Kaminsky to…
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The OECD Global Minimum Tax Deal: What to Expect
The Organization for Economic Cooperation and Development (OECD) recently released details and proposed legislation on its global minimum tax plan. However, questions still linger about the plan’s details and the practicality of its proposed timeline. What future developments could we expect to occur as a result of the OECD global minimum tax deal? On today’s…
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Fighting Financial Crime with More Transparency after Panama Papers Drama
In response to the Panama Papers scandal, the EU agreed to regulations mandating the publication of beneficial ownership registries. It follows, then, that the more information is available about individuals and corporate identities, the easier it is for financial and related entities to support legitimate businesses. Daniel Wager argues that increased transparency would help improve…
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International Tax Competition and the Impact of a Global Minimum Tax
The recent agreement on a global minimum tax and other changes to tax rules worldwide have called into question the future of tax competition. Each year, The Tax Foundation puts out its International Tax Competitiveness Index. The Index measures the extent to which a country’s tax system adheres to key aspects of tax policy. Among…
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What You Need to Know About the G20 and a New Global Minimum Tax Rate
The current G20 countries account for more than 80% of the world’s GDP, 75% of global trade, and 60% of the world’s population. This summer, all eyes will be on the G20 summit as they tackle issues related to the global minimum corporate tax and profit reallocation of multinational enterprises. In early June, G7 members…
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Transfer Pricing: Digital Transformations and Transparency
Transfer pricing may be one of the most talked-about and least understood tax topics right now. The underlying concept is simple: it’s the method for pricing transactions between related parties. But what qualifies as “related parties” and how those transactions are valued have become increasingly complicated in a more global, digital world. Companies facing international…
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How to Utilize the Foreign Earned Income Exclusion
Over 9 million Americans live outside of the United States. Sometimes, living outside of the United States can be advantageous for your taxes. Under the Foreign Earned Income Exclusion, taxpayers may be able to exclude income from U.S. taxes. The FEIE can make living and working abroad tax-free. Joining Kelly on this episode of the…
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Accidental Americans: COVID’s Impact on the Substantial Presence Test
With COVID creating travel restrictions, many people have been stranded away from home. Beyond the career and family implications of being away from home, you may also face significant tax complications. If you’re stuck in the United States, you could be considered a tax resident and have filing requirements you don’t even realize. You could…
