Foreign Tax Credits Clarified in Proposed Regulations

In December of 2017, the Tax Cuts and Jobs Act (“TCJA”) brought sweeping tax reform to the U.S. The U.S. moved from a worldwide tax system to a partial territorial tax system. The TCJA significantly changed the way the U.S. taxes foreign activities for businesses and individuals.  New provisions, including

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Medical Device Tax Reinstated for 2018

The 2.3% medical device excise tax (MDET) was reinstated on January 1, 2018 after a two year suspension. The MDET is imposed on domestic sales including imports, manufacturing and the production of medical devices. The MDET initially went into effect in January 2013 to help fund the Affordable Care Act. 

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Foreign Bank and Financial Account Reporting due June 30th

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly on FinCEN 114, Report

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Mexican Tax Reform

In late 2013, the Mexican Congress approved the final version of the 2014 tax reform bill. This bill represents a significant change in terms of when and how taxes are paid for individuals living in and companies with operations in Mexico. A key reason for the reform was the need

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Reporting Payments to Foreign Individuals and Entities

Foreign individuals and entities are subject to U.S. tax at a flat 30% rate on certain types of income, including but not limited to: interest, dividends, rents, royalties, and compensation for services performed that they receive from U.S. sources.  However, a U.S. income tax treaty may reduce or exempt an

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