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The IRS Has Ended the Offshore Voluntary Disclosure Program
The Internal Revenue Service (IRS) has announced that they have formally ended the Offshore Voluntary Disclosure Program (OVDP) effective September ...
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Castro & Co.
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Nonresident Aliens Can Now Be S Corp Shareholders via an ESBT
Prior to 2018, the Code generally prohibited nonresident aliens from being shareholders of S Corporations. [1] The IRS explained that the reason was ...
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Castro & Co.
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2018 Inflation Adjustments
The IRS recently released the 2018 inflation adjustments for several tax provisions in Rev. Proc. 2017-58, 2017-45 I.R.B. __. There appear to be no ...
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Castro & Co.
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DEPRECIATING FOREIGN RENTAL PROPERTY
There was once a time when everyone thought the world was flat. This is a phrase we often repeat to clients. Today, the prevailing opinion among tax ...
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Castro & Co.
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Tax Planning for Cryptocurrencies, Bitcoin Gains & Initial Coin Offerings (ICOs)
The rise of bitcoin gave birth to a slew of ICOs, cryptocurrency exchanges, massive bitcoin gains, and the potential for civil and even criminal ...
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Castro & Co.
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IRS Gains the Power to Revoke U.S. Passports for Tax Debts
The President signed into law a new provision to the Internal Revenue Code that gives the U.S. government the right to revoke or deny the renewal of ...
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Castro & Co.
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Rothschild AG Enters into an Agreement to Comply with U.S. Regulations on Assets in Overseas Banks
On June 3, 2015 The Department of Justice and Rothschild Bank AG, entered into a “deferred prosecution agreement.” Rothschild Bank AG must also comply ...
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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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