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Streamlined Compliance Without an SSN
Every U.S. taxpayer is required to have an identification number used to submit their U.S. federal and state income tax returns. The IRS requires U.S. ...
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Castro & Co.
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The Top 5 Myths About Relinquishing Your U.S. Citizenship
Over the years, our clients have come to us with a number of incorrect preconceived notions about relinquishing their U.S. citizenship. Most of the ...
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Castro & Co.
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14 Ways to Not to be Penalized for IRA Early Withdrawal
Withdrawals made from your retirement account ( e.g. , 401(k), 403(b), 457(b) IRA, SIMPLE IRA, etc.) before you have turned 59 ½ years old will ...
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Castro & Co.
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Foreign Trust Reporting & Compliance
All U.S. citizens and some foreign persons are required to file income taxes each year. This includes citizens and residents of the U.S., domestic ...
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Castro & Co.
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Everything You Wanted to Know about Taxation of Foreign Trusts
To begin with, an arrangement is a trust if its purpose is to invest its trustees with responsibility for the protection and conservation of property ...
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Castro & Co.
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Income Tax Rates by Country
The following table gives rates of income tax per year beginning in 2006. At 35%, the U.S. ranks near the bottom of the western, industrialized ...
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Castro & Co.
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How does a U.S. Corporation Utilize Foreign Tax Credits?
Since U.S. companies which do business overseas have to abide by those countries’ tax laws, they have a means of avoiding being doubly taxed by the ...
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Castro & Co.
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The Definition of Willfulness in OVDP and Streamlined Cases
Last Updated: January 15, 2019 What constitutes “willful” in determining the meaning of the term “non-willful” as used by the Internal Revenue Service ...
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Castro & Co.
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