Tax Tips & News: account

IRS Clarifies Employee Benefit Plans For Same-Sex Couples

9 minutes read

In a recent landmark ruling by the Obama Administration, the federal government will recognize same-sex married couples. That means for one, married same-sex couples will no longer have to file two separate single tax returns for the IRS (however, if they currently reside in a state that does not recognize same-sex marriages, they may still have to file two separate state returns). But the IRS has not released any guidance about how employee...

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Who Pays Tax On Joint Bank Accounts?

4 minutes read

This question seems simple but is important. After all, if you’re a U.S. citizen or permanent resident, you must report your worldwide income to the IRS even if you’re paying tax on it somewhere else. See Expats Lobby For Tax on Residence, Not Worldwide Income. Moreover, you must file an FBAR every year disclosing your bank accounts if their aggregate value exceeds $10,000 at any time during the year…The penalties for either failure are big, potentially even...

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