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December 19, 2003 - Phil Hodgen

Getting an ITIN outside the U.S.

It's easy to say to a nonresident, "Go get an ITIN." But that's useless advice without specific help on exactly what to do.
Americans Living Abroad Expatriation Tax and Trusts
November 11, 2003 - Phil Hodgen

Proposed FIRPTA change for REIT shares

The "Jumpstart Our Business Strength ('JOBS') Act" (S. 1637) presently pending in the Senate changes the way foreigners are taxed on publicly traded REIT dividends. Capital gains distributions won't be taxable under FIRPTA anymore. They're going to be treated like regular old dividends received by a nonresident alien taxpayer. Cool. Let's hope this provision goes into effect.
Tax and Trusts
July 30, 2003 - admin

U.S. taxpayers with hidden offshore money: the Senate Finance Committee wonders

The IRS had an amnesty program that ended on April 15, 2003. U.S. taxpayers who had money hidden offshore could come clean with reduced penalties and hugs and kisses from the IRS. Yeah, right.

The IRS announced that the Voluntary Compliance Initiative was a stunning success. Over 1,200 people came forward, etc. etc.

Yesterday the Senate Finance Committee co-chairs sent a letter to the IRS saying, “Oh really?” They wonder if the wonders of the Voluntary Compliance Initiative haven’t been oversold.

Yup. Take it from me. I have matters on the table right now for clients who need to come clean in a big way.... continue reading

Tax and Trusts US Real Estate Investments