Written by Arturo Meza, Foreign Associate at CK Tax Services However, according to experts, this exchange has not been reciprocal since FATCA came into effect, so European countries do not receive similar information from US banks about European taxpayers. The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 by Congress, requires foreign financial institutions […]
IRS Proposed Limits to Certain Gift’s Preferential Treatment Under the Tax Cuts and Jobs Act
written by Arturo Meza, Foreign Associate at CK Tax Services LLC Background The US federal government levies three types of taxes on transfers of wealth: an estate tax on the value of assets transferred to other individuals when a person dies; a gift tax on the value of gifts that a person gives to others […]
Tax Court Rules Foreign Tax Credit Cannot Offset NIIT
written by Gina Lee, Senior Associate at CK Tax Services LLC Net Investment Income Tax (“NIIT”) went into effect on January 1, 2013. NIIT is a 3.8% tax on investment income such as capital gains, dividends, and rental property income, imposed on a portion of your modified adjusted gross income (MAGI) over certain thresholds. NIIT is an […]
Tax Update: IRS to Stop Certain Automated Notices
This is the third of a 4-part series on 2021 & 2022 Tax Changes. (You may read part 2 out of 4 here.) written by Gina Lee, Senior Associate at CK Tax Services LLC On January 14, 2022, a coalition of organizations representing tax industry professionals and stakeholders (including the American Institute of CPAs (AICPA), […]
Business Tax Updates for Years 2021-2022
This is the second of a 4-part blog series on 2021 & 2022 Tax Changes. (You may read part 1 out of 4 here.) written by Gina Lee, Senior Associate at CK Tax Services LLC On this week’s blog, we will talk about some significant business tax changes for 2021. A sole proprietorship or an […]
Tax Changes You Should be Aware of for Tax Years 2021 & 2022
This is the first of a 4-part blog series on 2021 & 2022 Tax Changes written by Gina Lee, Senior Associate at CK Tax Services LLC It is that time of the year to file your individual federal income tax return and there are changes you need to know about. The deadline to file your […]
CK Tax Services LLC – 2021: Year in Review
Despite the challenges of the pandemic and adapting to a new norm, 2021 was an exciting year for us! We have grown from 4 to 8 team members in less than four months by adding four passionate and eager professionals who embrace our firm culture of group collaboration and intensive learning. Our new team members […]