Starting on January 1, 2024, the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) will require the reporting of beneficial ownership information (“BOI”) under the Corporate Transparency Act (the “CTA”) for many domestic and foreign legal entities, including corporations, limited liability companies, partnerships, and any entity whose legal existence requires application or registration. Domestic legal […]
The proposed budget for the 2024 fiscal year has been released by President Biden. Many of the proposed changes would affect employers and employees. EY recently published a document highlighting some key points in the President’s proposal. If you would prefer to take a deeper look at the budget, you can check the White House’s […]
File FBARs with your returns? The latest determination from the Supreme Court put a limit on the penalties for taxpayers with foreign accounts who non-willlfully failed to file their FBARs. In the article below, written by Sarah Constantine Jonathan E. Green Cara M. Koss James P. Joseph Rebecca L. D. Gordon and Alex S. Tepler, […]
One of the main goals for a taxpayer is to increase his revenue. Two of the main areas, for a business to achieve this, are to expand its customer base into various states and to provide customer service. This could mean that the taxpayer might perform various kinds of transactions to expand the business’ influence […]
Have you been looking to sell your investments? Are you aware that you could defer part, or all, of the gain by exchanging your investment with a similar one? The Internal Revenue Service (IRS) provides a benefit, known as Section 1031 – Like-kind Exchanges, for taxpayers that reinvest proceeds from selling certain kinds of investment […]
In which countries do high earners pay the most tax? And where do average earners pay the most? Income tax has been a political hot potato for decades. In 1966 The Beatles released their song Taxman as a protest against the 95% “supertax” rate introduced by Harold Wilson’s Labour government, which the band had to […]
I am pleased to be here for the signing of the agreement implementing the Foreign Account Tax Compliance Act with Minister Saccomanni. We welcome Italy’s commitment to intensifying our cooperation to improve international tax compliance. Today’s signing marks a significant step forward in both our countries’ efforts to work together towards a global standard to […]
Governor Cuomo’s START-UP NY (SUNY Tax-free Areas to Revitalize and Transform UP-state NY) initiative is the game-changer that will transform SUNY campuses and university communities across the state into tax-free communities – including no income tax for employees, and no sales, property or business tax for 10 years. START-UP NY will attract venture capital, start-ups, […]
** YOU ARE INVITED ** TAX TALK New Rules for Italians in the USA Automatic tax information exchange between USA and Italy and the Foreign Account Tax Compliance Act (FATCA) How do they affect Italians in the USA The Italian Government has recently agreed with the US to automatically exchange tax and […]
Founder and Managing Partner Giuseppe Brusa has built a firm that is recognized nationally for its expertise in government compliance, audit, accounting and consulting services to foreign corporations and individuals. The firm has specialized practices areas that serve the accounting/taxation needs of foreign companies during the start-up of their activities and follows them up through […]