For the foreseeable future, the Internal Revenue Code will remain a seemingly endless web of complexity. Strohmeyer Law helps with a wide range of tax matters, such as entity-level and owner-level tax planning for partnerships, LLCs, and corporations; resolving compliance issues with the IRS and the Texas Comptroller; and managing income taxes paid by individuals, trustees, and executors.
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“Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.”
– Judge Learned Hand, Chief Judge of the United States Court of Appeals for the Second Circuit
International Tax for US Citizens and Residents
The United States is one of two nations that imposes its income tax on citizens and residents on their worldwide income, and not just the income generated within its borders. (The other is Eritrea.) To give the IRS a chance to verify what taxpayers report on their tax returns, Congress has passed numerous reporting obligations to force taxpayers to tell the IRS about a wide variety of foreign assets they own. These obligations can be confusing at best, and Strohmeyer Law helps clients meet those obligations.
US Tax Planning for Nonresidents
The digital economy makes it easy for people and money to move across international borders. If the United States is not involved, then a nonresident of the United States will have few, if any, interactions with the Internal Revenue Service. But as more foreign citizens look to the U.S. as a place to invest, they need to know when and how to navigate the move from being a nonresident to a resident of the U.S. for tax purposes. When a person’s residency status changes, the tax rules change dramatically, and if not anticipated, the consequences can be severe.
At the end of 2017, the most extensive revision of the Internal Revenue Code since 1986 became law. While the bill attempted to tame the wild and unruly beast that is the Internal Revenue Code, it remains extremely complex. To make matters worse, many of the provisions are temporary, and will be repealed in 2026 if there is no further action by Congress. We’re now faced with a situation where tax plans need to work in the current environment and be prepared for the changes to come. Strohmeyer Law can help clients plan for these changes.