Blogs

The year 2014 brings with it changes in the tax code: many tax credits have now expired, there will be new tax breaks to take advantage of, and there will also be new IRS reporting requirements.In 2014, there will be many big changes in the reporting requirements for Americans living overseas and foreign financial institutions... Continue reading →

 Today is January 2, 2013.  Until now, the Obama administration and Congress have failed to come up with a fix for raised taxes that economists warned can lead to the fiscal fall. With the start of the New Year, there are now key tax increases and spending cuts expiring that will affect almost all American... Continue reading →

The country is facing a fiscal cliff because many of the tax cuts initiated in the Bush administration are now coming to an end. There will be key tax increases, and expiring of spending cuts and other tax cuts after 31st Dec, 2012. From 1st Jan, 2013, American taxpayers will be paying more in taxes... Continue reading →

Millions of dollars of American taxpayers were found to be hidden in various Swiss banks when a Swiss banking scandal was busted. Recently, there was a protest by American taxpayers against tax havens where many corporations hide their money to evade taxes. After the busting of Swiss bank scandal, Foreign Account Tax Compliance Act (FATCA)... Continue reading →

The Treasury Department will soon come up with new rules regarding offshore assets of U.S. taxpayers. Foreign Account Tax Compliance Act (FATCA) is set to publish its new regulations for increasing compliance regarding foreign financial assets in January, 2013.After the busting of a Swiss banking scandal, it was found that millions of dollars were hidden... Continue reading →

Demand for money in tax shelters in various foreign countries to be brought back into the country is rising. The Treasury Department is soon going to publish new rules regarding offshore assets of U.S. taxpayers. After missing the September deadline, the new rules are expected to be published in January, 2013.Foreign Account Tax Compliance Act... Continue reading →

Everybody is talking about the expiring of tax breaks in 2012, but there were many big and small tax breaks that have already expired. This year and the coming year will see additional taxes for some, but most taxpayers will be paying more because of the expiring of many tax breaks. Some individual taxes that... Continue reading →

There has been much talk about the expiring of many tax breaks in 2012 because the country is facing a fiscal cliff. But this phenomenon of expiring of tax breaks is not unique to this year. Last year too, many individual and corporate tax breaks expired.Relief from the alternative minimum tax that cost $132 billion... Continue reading →

December is the month of looking back at the year, but with the country looking straight ahead at the fiscal cliff, everybody is talking about the coming year. The new year will see the end of many tax breaks, but that is nothing new. The beginning of 2012 also saw the end of many tax... Continue reading →

With the introduction of increased payroll taxes on wages, and tax on investment income, the new year will bring additional taxes for the rich. Taxes on investment income will hurt the wealthy because it includes interest, dividends and capital gains. Many are already planning to shift their investments to cut down on the taxes. Whether... Continue reading →