Apparently Being Middle Class In The UK Sucks As Well…
At least according to one of my colleagues across the pond. You can read the reaction to my post about being middle class in America at Tax the Fish.
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The Most Important Tax Ruling You’ve Probably Never Heard Of
The U.S. Supreme Court issued a ruling last week that made some New Yorkers very happy… And could have serious worldwide tax implications. The Supreme Court ruled 7–2 that American courts may hear matters involving foreign governments and property taxes. The ruling now clears the way for New York City to collect the so-called “pillow…
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More Money To Buy Shoes!
No doubt Imelda Marcos is sleeping peacefully tonight, dreaming of Prada and Fendi shoes… A Philippine court has acquitted her on five counts of tax evasion filed 16 years ago. Marcos allegedly failed to file a tax return and to pay $730 US in income taxes for 1985. But more seriously, she was accused of…
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So What Do You Think?
The IRS is seeking comments on several revisions to the federal form 1120-F, U.S. Income Tax Return of a Foreign Corporation. Included in the revisions is a new schedule M-3 which is required filing for taxpayers with $10 million or more in total reportable assets. Schedule M-1 (Reconciliation of Income (Loss) per Books with Income…
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Ask The Taxgirl: Nonresident Spouse
Taxpayer asks: I just got married to my beautiful wife who happens to be Australian. I’m a graduate student in San Diego and she hasn’t come to live with me yet. My wedding was on December 27th so I’m wondering if it is somehow illegal for me to file my taxes as unmarried. She has never made…
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It’s A Beautiful Day… In The Netherlands
It’s not just Switzerland attracting celebs looking to save money on taxes… The Netherlands (which we at the office jokingly refer to as the “Delaware of the EU” – tax humor, I know, not for everyone) is winning over its share of famous folks, too. The Rolling Stones and U2 have been publicly identified for using…
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Ciao, April 17
US citizens or residents living and working abroad finally have some direction for purposes of filing individual taxes for 2007. The Tax Increase Prevention and Reconciliation Act of 2005 increased the maximum amount of foreign earned income that may be excluded from gross income to $82,400. The law also limited the amount of housing costs…
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Au Revoir, Les Taxes!
Sooo… Elizabeth Taylor reportedly tried to do it. Ditto Madonna and, if you believe the rumors, the rock group U2. Yeah, you know what I’m talking about: moving to avoid taxes. It’s not just the US with complaints about taxation. Many countries in the EU routinely complain about their high rates of taxation, among the…
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That Had To Hurt!
On September 11, GlaxoSmithKline (NYSE: GSK) agreed to a settlement with IRS which requires GSK to pay more than $3 billion in back taxes. Yes, billion. With a b. The IRS has been pursuing a claim with GSK since 2001 when it sent the company a bill for $8.6 billion for back taxes and interest. The tax…
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Expats Beware!
In more news about international taxpayers, the IRS has apparently decided to make US residency issues a priority in 2006. To that end, they have been sending out notices to expatriates who have not complied with the requirements to file federal form 8854, Initial and Annual Expatriation Information Statement. The form is intended for US…