The IRS updated the regulations for Schedule K-2 and Schedule K-3 reporting in 2022, which have had a major influence on business tax return filling for firms in the US. The revised versions have two new international-related schedules to pass-through entity returns. Read on to learn about Schedules K2 and K3, the implication for foreign […]

When living in Canada, U.S. citizens usually have passive foreign investment companies (PFIC), such as Canadian mutual funds, that have specific yearly reporting requirements within the United States. The Internal Revenue Service (“IRS”) requires a U.S. person with passive offshore investments to report their earnings using IRS Federal Form 8621. PFIC reporting and cross-border tax […]

United States citizens, Permanent Residents and U.S. resident aliens who hold assets in foreign institutions have significant yearly reporting requirements that need to be adhered to. The Internal Revenue Service (IRS) and Financial Crimes and Enforcement Network (FCEN) has different reporting requirements for money and securities held in foreign banks than in domestic bank accounts. […]

What is an ITIN or Individual Taxpayer Identification Number? Individual Taxpayer Identification Number (“ITIN”) is a tax ID number issued by the Internal Revenue Service (“IRS”) to individuals who are obliged for a U.S. tax filing or reporting requirement under the Internal Revenue Code and are not eligible to obtain a Social Security number (“SSN”) […]

6 Mistakes to Avoid When Setting Your Real Estate Entity Setting up real estate entities can be a heavy job. Here are some common Mistakes to Avoid when creating these. Read more from our article. I’ve set up a number of entities in my career, and here are 6 pitfalls to avoid when setting up […]

If you are a real estate investor or thinking of becoming one, it is imperative that you understand the legal issues involved in order to protect your assets. One of the most important decisions you have to make regards the legal structuring of your real estate business — or what is more commonly known as […]