A new tax came into effect beginning in 2013, one that you might not have heard of: the Net Investment Income Tax. Basically, any income that is classified as Net Investment Income (NII) is subject to an additional tax at a flat rate of 3.8% of the amount of NII, provided that adjusted gross income […]

Jonathan Greenstein has been practicing law in Maryland for over 20 years. His focus has been on tax preparation and estate planning, although he has experience in several other legal fields. He’s also very active in the community. Watch his biography video to find out more. [youtube=http://youtu.be/UZHmYlw2cSk]

In recent years, ownership of foreign investments and financial accounts has become of increasing concern to U.S. taxpayers.  For a long time, bank secrecy laws in certain countries turned “offshore” financial institutions into tax havens, enabling U.S. taxpayers to avoid reporting foreign-based income or paying tax on that income.  As the result of far-reaching investigations […]

Citing a strong response to two previous disclosure programs, the IRS has just announced a third offshore voluntary disclosure program (OVDP). These disclosure programs are designed to seek taxpayers who are “hiding” offshore accounts that produce unreported taxable income, and bring them back within the U.S. tax system. The lure is the offer to achieve […]