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2024 Cinco de Mayo in Houston: Pride Houston 365 to host grand marshal celebration at Axelrad on May 5

2024 Cinco de Mayo in Houston: Pride Houston 365 to host grand marshal celebration at Axelrad on May 5
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Considerations for multinationals with US and Maltese operations

Would you like SALT with that trust?

Would you like SALT with that trust? By Richard Spengler, CPA, Grand Rapids, Mich., and Katherine Walter, CPA, J.D., LL.M., Seattle Related Editor: Kevin D. Anderson, CPA, J.D. Whether you have an existing trust or are creating a new trust, location matters. The total tax owed by a trust can be significantly affected by the location of grantors, beneficiaries, trustees, and even trust assets. This is especially true for tax years 2020 and 2021, when most people have been working remotely and could do so from anywhere or are quarantining somewhere other than their usual residence. Trustees and planners can no longer ignore the ever-expanding reach of states in their pursuit of state and local tax (SALT) revenue.

Teleworking and the dual-taxation dilemma

Teleworking and the dual-taxation dilemma By Jeffrey van Steenbergen, Esq., MBA, Boston Related Editor: Kevin D. Anderson, CPA, J.D. The COVID-19 pandemic drastically altered how U.S. businesses operate and where Americans work. Over a year into the pandemic, many Americans continue to work remotely and are unsure when they will return to the office, while others left their primary residences to stay in second or vacation homes or to care for family members. The shift toward permanent teleworking from, or long-term, temporary living arrangements in, states other than an individual s pre-2020 employment location or place of abode has income tax consequences such as dual residency, which can create double taxation. This item discusses the difference between statutory residency and domiciliary residency and how both can affect personal income taxes.

Unintended consequences of foreign branch reporting

Unintended consequences of foreign branch reporting By Ioana Lacatusu, CPA, MBA, Dallas, and Jerry Seade, J.D., LL.M., Houston Related In December 2018, the IRS issued revised instructions to Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs), which expanded the requirement to file this form to include the reporting of foreign branch operations of U.S. persons, controlled foreign corporations (CFCs), and controlled foreign partnerships. Previously, this requirement had applied only with respect to foreign disregarded entities. Certain U.S. citizens and U.S. residents doing business abroad can have surprising tax reporting obligations as a consequence of this expanded requirement. The penalties for any missed (or late) Form 8858 reporting can be great, ranging from a $10,000 fine per missed form per tax year, to potentially losing the ability to claim foreign tax credits, to the potential imposition o

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