Taxpayer Advocate’s Review – 2015 filing season

The Taxpayer Advocate’s review of the 2015 filing season commented that the IRS faced extraordinary challenges during the filing season. ‘The IRS continues to view itself, first and foremost, as an enforcement agency, and it thus develops its policies...

Foreign tax credits in the US tax return

We are often asked whether unutilized foreign tax credits in the U.S. tax return are going to be able to be used in the future. Under the Internal Revenue Code (IRC) excess foreign tax credits can be carried forward for up to ten years and back for one year. Whether...
2015 FBARs: Don’t get caught out

2015 FBARs: Don’t get caught out

A reminder that the 2015 Report of Foreign Bank and Financial Accounts (FBARs) Form FinCen 114 is due for filing by 30 June 2016 and there are no extensions available. The change in due dates comes into effect for the 2016 tax year, when the due date changes to 15...

Tax Extenders Legislation Passed

At the eleventh hour, the Protecting Americans from Tax Hikes Act of 2015 (Act) was passed into law by Congress late in 2015. Echoing a near-identical situation occurring the year before, the controversial ‘tax extenders’ were extended yet again in what...
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