Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (4)
I. Domestic Administration of Social Security Taxation and the Scope of International Coordination – continued c. The Third Aspect: Taxation of Benefits Up to 85% of social security benefits received by United States citizens and residents are included in income and subject to taxation, depending on the level of benefits, tax filing status, and other […]
Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (3)
I. Domestic Administration of Social Security Taxation and the Scope of International Coordination – continued b. The Second Aspect: Benefits Eligibility In general, any individual is eligible to receive United States social security benefits at the age of sixty-two if he is considered “fully insured” and has filed the necessary paperwork. An individual is generally […]
Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (2)
I. Domestic Administration of Social Security Taxation and the Scope of International Coordination – continued a. The First Aspect: Contributions Social security contributions are imposed as a tax via the Internal Revenue Code (Code) and collected by the Department of Treasury through the Service. Two statutes apply. With respect to employers and their employees, the […]
Employment Taxes And The Self-Employed Global Worker – So “Un”Happy Together – Part I (1)
Domestic Administration of Social Security Taxation and the Scope of International Coordination – The United States social security program consists of benefits collected from taxes on employers, employees, and the self-employed, and distributions paid out to retired workers and their dependents and survivors. There are three aspects of the United States social security program. First, […]
Are You In It To Win It? Fighting The Post-Bankruptcy Survival Of Federal Tax Liens On Property That Is Excluded From The Bankruptcy Estate
The federal tax collection system is founded on the concept of voluntary compliance.[1] The United States government expects taxpayers to compute and timely pay all taxes owed. Most taxpayers fulfill this obligation. However, a minority refuse to comply. Those falling within the latter category are subject to forced collection and various penalties. This article seeks […]
More U.S. Taxpayers Admit to Secret Swiss Accounts
Why Swiss Bank Clients Who Can’t Stand the Heat Are Getting Out of the Kitchen Every July, people from around the world descend upon a small village in Spain called Pamplona for the fiesta of San Fermin. Encierro, or “The Running of the Bulls,” is the event at the heart of the fiesta. The fiesta […]
A Powerful Way To Plan: The Grantor Retained Annuity Trust (GRAT)
A Grantor Retained Annuity Trust, or GRAT for short, is a special type of irrevocable trust that allows the Trustmaker/Grantor to gamble against the odds and, if the Trustmaker/Grantor plays their cards right, then a significant amount of wealth can be moved down to the next generation for virtually no estate or gift tax dollars. […]
Rescued From the Brink of Insanity: Practical and Sound Advice for Making the Decision to Opt Out of the OVDI — Part II
Hypotheticals Demonstrating When Opting Out is Detrimental To the Taxpayer Under what circumstances might opting out of the OVDI be detrimental for the taxpayer? Below are two examples. Example 3: Large Unreported Gain Kevin is a U.S. citizen. In 2008, he opened a checking account in Country A with funds upon which U.S. taxes were […]
Rescued From the Brink of Insanity: Practical and Sound Advice for Making the Decision to Opt Out of the OVDI — Part I
While reading can aid in learning, there is no substitute for doing. Reading about what steps to take to solve a tax problem is no different than reading about how to ride a bicycle. In the same way that the only way to learn how to ride a bicycle is by experiencing it firsthand – i.e., […]
Don’t Gamble With Gift Tax Returns
Beginning in 2011, the IRS started cracking down on taxpayers who did not file gift tax returns after making gifts that required reporting. Working with state or county agencies, the IRS started using real estate property records to spot land transfers between family members for no or little consideration, according to an October 2011 Forbes […]