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For most, a PFIC is not necessarily a good thing. PFICs are subject to complicated and strict tax guidelines by the Internal Revenue Service (IRS), which covers treatment of these investments in Sections 1291 through 1297 of the income tax code. Both the PFIC and the shareholder must keep accurate records of all transactions, […]
Avoiding the sting of PFIC classification Read More »
“Jus soli” (the law of the soil) is a rule of common law followed by the United States, under which the place of a person’s birth determines his citizenship. In addition to common law, this principle is embodied in the 14th Amendment to the US Constitution which states, in part, that: “All persons born in
Renouncing US Citizenship if the Individual is a Minor Read More »
I love Scotland. It is one of the most beautiful countries on Earth as far as I am concerned. The time I spent at the University of Aberdeen in the North East of Scotland is among the most memorable times of my life thus far. Later this year, Scots have a tough choice to make.
Thinking About Scotland Read More »
In summary….“three independent tax-return preparers contend that the IRS’s new regulations exceed the agency’s authority under the statute. The precise question is whether the IRS’s statutory authority to “regulate the practice of representatives of persons before the Department of the Treasury” encompasses authority to regulate tax-return preparers. The District Court ruled against the IRS, relying on the text, history, structure, and context
I. R. S. loses again… Read More »
Tyler Durden calls it yet again… In the years since the Financial Crisis, major Central Banks have been engaged in incredible easing programs that included the injection of massive amounts of liquidity into the financial system. That liquidity had to go somewhere, and in a search for yield, much of it went indiscriminately into Local Markets.
Emerging Market Volatility and Fed Tapering Read More »
Many people hire a professional when it’s time to file their tax return. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. Even if you don’t prepare your own return, you’re still legally responsible for what is on it. Here are ten tips to
Top Ten Tips to Help You Choose a Tax Preparer Read More »
Met up with a Financial Planner last night. A good guy and we had a great conversation. He spoke quite confidently about the ongoing ‘economic recovery’. As I listened, my mind couldn’t help but think of US stocks being hammered on Monday, with benchmark indicators falling…heightening concerns about the economy before Friday’s monthly jobs report.
The Importance of Critical Thinking Read More »
So the NY Post reported that Canada’s top consumer regulator has launched a formal inquiry into pyramid scheme complaints made against Herbalife. Federal Trade Commission Chair Edith Ramirez is also feeling the heat to investigate it. Herbalife, a multi-level marketer, has strongly denied allegations it is a pyramid scheme. The FTC said a company can be
Even if you don’t have to file a tax return, there are times when you should. Here are five good reasons why you should file a return, even if you’re not required to do so: 1. Tax Withheld or Paid. Did your employer withhold federal income tax from your pay? Did you make estimated tax payments?
Filing Thresholds 2014 Read More »
So a Democrat President promotes a healthcare plan at the Federal level, that was first initiated by a Republican Governor at the state-level. For those that argue that American politics is more divisive than ever, one of the easiest examples to consider is Obamacare. The propaganda from both sides of the aisle is nothing short
Thinking about Obamacare Read More »