US Tax Reform Plan: the biggest Tax Cut of all time
The long-awaited tax reform was quietly approved by the House and then signed by the US President on 22 December 2017.
A nice end-of-year gift for many SMEs and many investors. A gift that has not been seen since Reagan’s presidency, in terms of tax reduction.
It is, in fact, the most drastic change to US tax code of the last 30 years!
Corporations and upper classes will obviously benefit the most from the reform, but the middle class (although to a lesser extent) will obtain... READ MORE
Income Tax Return for non-resident US citizens
A big part of American citizens residing abroad is convinced that filing their income tax return in the US is not necessary.
Unfortunately, this is not the case, most of the times.
According to the US taxation system, individuals must declare their annual incomes regardless of where they live and where such incomes are generated.
According to the Internal Revenue Service (IRS), non-resident American citizens are often required to file their Tax Return just as US... READ MORE
Foreign revenues, how to tax them
We work with many clients living abroad for most of the year, and one of the questions we are often asked is how to consider the income produced abroad and then transferred to Italy.
Many of them wonder if such income can be declared only in the country where it was generated, or should it also be taxed in Italy?
First of all, it is useful to define when a person is a resident or not resident in the State.
For income tax purposes, individuals are... READ MORE
NEW TAX FILING DEADLINE
Due to the Coronavirus, the federal income tax filing deadline has been moved from April 15th to July 15th. The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days. The Coronavirus is continuing to spread rapidly across the world, with more than 4.8 million confirmed cases in 188 countries. This virus has caused 300,000 people to have lost their life. The outbreak was considered a global pandemic by the World Health... READ MORE