Texas is a community property state, which means that income earned by either spouse during their marriage is an item of community income. There are certain circumstances under which a spouse may be relieved of federal tax liability.
International Social Security Agreements between the United States and certain foreign countries could waive or relieve certain taxpayer citizens of foreign countries with agreements under Section 233 of the Social Security Administration Act. These International Social Security Agreements are known as ‘totalization agreements’. Totalization Agreements’ purpose is to limit old age, survivors and disability insurance type taxation to the country where the work was done.
United States citizens, lawful permanent residence and certain other persons that are classified under 31 U.S.C. Sec. 5311 and promulgated Regulations must file with the Financial Crimes Network annually a Report of Foreign Bank Account, Form 114.
The United States Congress has authorized the denial or revocation of United States passports to taxpayers with seriously delinquent tax debt.
Tax returns of decedents are to be made by the decedent’s executor, administrator, or other person charged with the property of the decedent.
Investors from around the globe have long made substantial investments in the United States. Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act under Internal Revenue Code Section 1400Z-1 and 1400Z-2.
Best business practices are to never conduct business in cash because large or frequent cash transactions could be indicative of tax fraud or other nefarious business dealings. Undocumented cash transactions cannot be substantiated, and might be difficult to trace.
The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This program that has been in effect since about 2009 and extended in 2012 and again in 2014 is ending in about 7 days.