Insights

What is Streamlined Disclosure? “Streamlined disclosure” is a common name for the IRS Streamlined Filing Compliance Procedures. These procedures allow eligible individuals to correct certain past U.S. tax and foreign asset reporting failures when their conduct was non-willful. The IRS defines non-willful conduct as negligence, inadvertence, mistake, or a good-faith misunderstanding of the law. For example, someone might discover that: Their foreign bank account required an an

Expanding into the U.S. market can create significant opportunities for foreign businesses, but it also introduces a complex range of tax and reporting obligations. Understanding these requirements before establishing operations can help your company remain compliant, avoid costly penalties, and make informed decisions about how to structure its U.S. activities. Foreign companies may be subject to federal, state, and local taxes, along with international reporting requirement

A gift or inheritance from family abroad may be a welcome surprise. It can also raise a question that is easy to miss during tax season: Does the gift need to be reported to the IRS? For U.S. recipients, the answer depends on who gave the gift, how much you received during the year, and whether the transfer was truly a gift. When Does a Foreign Gift Need to Be Reported? If you are a U.S. person, you may need to file Form 3520 when gifts or bequests from foreign sources exceed

For many individuals—especially those with international ties—giving up U.S. citizenship or relinquishing a green card is a life-changing decision. Before taking that step, it is essential to understand one of the most significant and commonly misunderstood tax consequences: the U.S. exit tax. Our firm has extensive experience helping individuals navigate international and cross-border tax matters, including the complex rules surrounding expatriation. In this article, we expl

Moving abroad can bring exciting personal and professional opportunities, but it can also create complex tax and reporting obligations. U.S. citizens and green card holders are generally subject to U.S. tax on their worldwide income, even while living and working in another country. Depending on the destination country and the individual’s circumstances, income may also be subject to foreign taxes. Tax treaties, foreign tax credits, and certain exclusions may help reduce doub