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Category Archives: International
When Bad Recordkeeping Helps You (And Bad News for Some Canadian Professional Poker Players)
As we previously reported, the Canada Revenue Agency (CRA) thought that Jonathan Duhamel, the winner of the Main Event of the World Series of Poker (WSOP) in 2010 was a professional gambler, and that he conducted himself as a professional … Continue reading
Posted in Canada, Gambling, International
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Bozo Tax Tip #7: Only Income Earned Outside the United States Is Taxable
A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading
Posted in International
Tagged BozoTaxTips
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The K-2/K-3 Kerfuffle
The IRS announced a year ago that there would be two new forms for partnerships and S-Corporations with international income and/or partners: Schedules K-2 and K-3 (links are to the partnership versions of these forms). Most tax professionals would have … Continue reading
The 2021 Tax Offender of the Year
It’s time once more for that (not really) most prestigious of prestigious awards, the Tax Offender of the Year. One year I’ll find that I don’t have many deserving winners (probably the year after I retire); however, there were plenty … Continue reading
Posted in International, IRS, Tax Evasion, Tax Fraud
Tagged TaxOffenderOfTheYear
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Bozo Tax Tip #7: Use a Foreign Trust to Avoid Taxes!
By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading
Posted in International
Tagged BozoTaxTips
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Bozo Tax Tip #8: The Shell
I was talking with a friend who is an attorney in the Midwest. She told me about an individual who decided to use ten layers of shell companies to hide his income. It worked so well that the Bozo had … Continue reading
Online Gambling and Cryptocurrency Addresses for 2021
If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, International
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