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...
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...
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...
New Zealand was the first country in the world to introduce the concept of corporate territorial taxation through the Land and Income Tax Assessment Act of 1891. It was, however, the 1990s before New Zealand had developed a comprehensive extraterritorial taxation...
‘No-one can tell you what will happen in the future. But some people can really give you vision about what might happen’ (David Lifson CPA, introducing former House Ways and Means Committee Chairman Mr Dave Camp at the 2015 AICPA National Tax Conference). Mr Camp...
Taxpayers who have had penalties imposed by the Internal Revenue Service have the opportunity for a one-off remission of the penalties in certain circumstances. Taxpayers with a good filing history may have late payment and late filing penalties removed through a call...
