News

by David Tzimenakis · November 14th, 2021

Article – Depreciation Recapture, What Does It Mean?

For many of our clients who hold rental properties, the term “depreciation recapture” can come across a bit mystifying, upon the sale of their property.

by Daria Vovk · October 31st, 2021

Video – US Taxation of Lawsuits & Settlements

Fortunately, income from lawsuits and settlements are quite rare to see here at US Global Tax. But, whilst it might be assumed that compensation or awards from a lawsuit would be tax free, the reality with the IRS can be quite different.

Investment concept: Businessman hand holding stacks of golden coins and big tree.

by David Tzimenakis · October 17th, 2021

Article – Government Pensions – Treaty Based Taxation

For many US citizens living in New Zealand, understanding how their US pension will be taxed is understandably a matter of concern. The most important part of this question is usually who will tax the pension, rather than how.

by Daria Vovk · October 3rd, 2021

Video – The Savings Clause

Whilst the US has double taxation agreements with a large number of countries, one lesser known clause included in each treaty is the "Savings Clause'".

by David Tzimenakis · September 19th, 2021

Article – IRS Introduce New Document Upload Tool

This month, the IRS finally came roaring into the 21st Century with a new document upload tool for taxpayers.

by David Tzimenakis · September 5th, 2021

Article – IRS Staffing Crunch Hits Refunds

News of the staffing crisis at the IRS is likely not a surprise to many, with processing and refund delays seemingly becoming worse year on year. Many of our New Zealand and Australian based clients are currently waiting up to 6 months for their returns to be processed, and unfortunately this isn’t going to get better any time soon.

by David Tzimenakis · August 22nd, 2021

Video – Debt Cancellation

One of the few financial benefits which our staff at US Global Tax, have seen an increase in during the pandemic, is debt cancellation. Whilst this has mainly been for businesses in the form of rent relief, it does occur commonly on an individual level also.

by David Tzimenakis · August 1st, 2021

US Investments – Tax Refunds Under Threat

In July 2020, the US Treasury conducted an audit of the IRS and the management of withholding/refunds for those who receive income on Forms 1099/1042-S.

by David Tzimenakis · July 18th, 2021

Video – Advance Child Tax Credit

As part of the many benefits which have been provided by the IRS during the course of the pandemic, the latest is the Advance Child Tax Credit.

by David Tzimenakis · July 4th, 2021

Article – Biden Tax Plan – Capital Gains

In our previous article, we focused on the potential tax changes to cryptocurrencies, proposed by US President Joe Biden. This week, we move our focus to the possible changes which may be made to capital gains tax.

by David Tzimenakis · June 20th, 2021

Article – IRS Tax Changes – Biden Tax Plan

Since the Tax Cuts and Jobs Act (TCJA) was introduced and signed into law under the presidency of Donald Trump in 2017, minimal further changes have been made to the tax code.

by David Tzimenakis · June 7th, 2021

Video – Form 709 – How Gifts are Taxed

For most, it may seem logical that upon receiving a gift, you may end up with a tax liability, this is not the case with regards to US taxation.

by David Tzimenakis · May 23rd, 2021

Video – Form 8938

Whilst the Report of Foreign Bank Accounts (FBAR) has become more widely known amongst US expats in recent years, lesser known is Form 8938.

Video – Schedule F and Farming Income

Amongst the many thousands of rules and regulations that the IRS requires US citizens to comply with, are a separate set of regulations and forms for those with income from farming.

by David Tzimenakis · April 25th, 2021

Video – The Substantial Presence Test & Tie Breaker

Despite global travel restrictions, here at US Global Tax, we still work with a large number of clients who travel back and forth to the US frequently.