By: Coleman Jackson, Attorney, CPA July 03, 2015 Resident immigrants of the United States of America can claim the foreign tax credit for eligible foreign taxes paid or accrued to any foreign country or U.S. possession during the tax period pursuant to 26 U.S.C.S. § 901(b)(1). Internal Revenue Code §901(b)(1) states that any income, war…
By: Coleman Jackson, Attorney, CPA June 29, 2015 If you have a financial interest in or signature authority over one or more financial accounts, including bank accounts, brokerage accounts, mutual funds, foreign trust, or other financial assets located overseas, exceeding certain threshold amounts, the Bank Secrecy Act may require you to report the account yearly…
By Coleman Jackson, CPA, Attorney & Counselor At law June 15, 2015 Residency is defined pursuant to the definition established by the United States and the country in question. U.S. tax laws do not overrule an applicable treaty’s definitions of residency. Treaties between the U.S. and foreign countries can change the results of U.S. federal…
By Coleman Jackson, Attorney & Counselor At Law May 25, 2015 The Immigration and Nationality Act (INA) §209(b) identifies five conjunctive conditions that any alien granted asylum must meet to be eligible for adjustment of status to Lawful Permanent Resident. The five requirements are as follows: The asylee must apply for adjustment of status; The…
By: Coleman Jackson, CPA, Attorney & Counselor May 20, 2015 The definition of the term “Employment” in U.S. tax law means any service, of whatever nature, performed- A. by any employee for the person employing him, irrespective of the citizenship or residence of either; within the United States, or on or in connection with an…
By Coleman Jackson, Esq, CPA April 27, 2015 What is Tax Fraud? Tax fraud has been defined as an intentional wrongdoing designed to evade tax believed to be owing. Miller v Commissioner, 94 T.C. 316, 332(1990). A tax fraud case depends upon facts and circumstances. Facts are stubborn things…. Quote from John Adams (1770). The…
By: Coleman Jackson, Attorney, CPA April 01, 2015 “Resident aliens” are individuals who are permanent residents of the United States pursuant to 26 U.S.C.S. §7701(b)(1). They must pay U.S. income taxes on their income earned in the United States. That means that they have to include, such earnings, as wages and compensation for services in…
By Coleman Jackson, Attorney, CPA February 25, 2015 U.S. Citizenship and Immigration Services (USCIS) announced that the Department of Homeland Security (DHS) is extending eligibility for employment authorization to certain H-4 dependent spouses of H-1B nonimmigrants who are seeking employment-based lawful permanent resident (LPR) status, effective May 26, 2015. DHS amended the regulations to allow these H-4…
By Coleman Jackson, Attorney, CPA January 28, 2015 If all the items of money or property constituting the corpus of a foreign trust are transferred to the trust by a U.S. person, the entire foreign trust is a foreign trust created by a U.S. person. Where there are transfers of money or property by both…
By Coleman Jackson, Attorney, CPA Jan 23, 2015 A nonresident alien individual who at anytime during the tax year is engaged in business or trade within the United States of America is subject to a 30% flat tax on aggregate income or gains depicted in U.S. Treasury Regulation 1.871(a) (1), and paragraph (b) or…
By Coleman Jackson, Attorney, CPA December 16, 2014 IRS Accuracy Related Penalties: The Internal Revenue Code provides for imposition of an accuracy-related penalty of twenty percent (20%) on underpayment of tax. The taxpayer could be subjected to the accuracy-related penalty for negligently understating their income or over stating their expenses, or for any other substantial…
Tax Blog by: Coleman Jackson, Attorney, Certified Public Accountant November 26, 2014 Fifth Amendment to the United States Constitution: No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a grand jury, except in cases arising in the land or naval forces or in…
Whether you’re a small or medium-sized business owner seeking tax or business representation, or an individual seeking estate assistance, we are ready to provide vigorous and compassionate legal support. Reach out to Coleman Jackson, P.C. today to discuss how we can help you.