Cuevas & Cuevas LLP

09/13/2022

The Treasury secretary will deliver a speech to staff laying out the modernization plans.

The visit on Thursday by Treasury Secretary Janet Yellen is part of a push to promote President Biden’s economic agenda ahead of the November midterm elections.Credit...Jason Andrew for The New York Times

The Treasury secretary will deliver a speech to staff laying out the modernization plans.

08/22/2022

The Inflation Reduction Act, H.R. 5376, made broad changes to the clean vehicle tax credit, including extending it through 2032 and creating a new credit for previously owned clean vehicles (Sec. 25E), but the only change that took effect immediately upon enactment of the legislation Tuesday was the North America final assembly requirement.

The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.

08/22/2022

Mexico: US and Canadian investors affected by Mexico's actions have until March 2023 to raise claims under NAFTA regime

The Mexican government has adopted several measures to favor the state-owned electrical utility (CFE) and the state-owned oil and gas company (PEMEX) at the expense of foreign investors. The US and Canada have thus activated the State-to-State dispute resolution mechanism under Chapter 31 of the United States-Mexico-Canada Agreement (USMCA) by engaging in consultations with Mexico.

The Mexican government has adopted several measures to favor the state-owned electrical utility (CFE) and the state-owned oil and gas company (PEMEX) at the expense of foreign investors. The US and Ca...

05/31/2021

The EB-5 visa is a program that provides a path to US permanent residency for foreigners who want to invest in the United States. While there are benefits of holding the EB-5 visa, it comes with major tax consequences that catch some people by surprise. If you’re thinking about applying for the EB-5 visa, make sure you know about the tax implications.

05/30/2021

Do you have banking accounts, mutual funds, and other financial assets outside the US? Are you worried about whether you need to report them to the IRS? The answer is - you might! And the penalties are stiff if you are required to and don’t.
if you have foreign accounts that exceed certain thresholds, you are required to report them. In addition, as a US person - which includes resident aliens, you have to pay income tax on your worldwide (US and foreign) income, which may include investment income. It is essential that you report your assets and income from abroad if you are required to.

Here’s the short version: if you have foreign accounts that exceed certain thresholds, you are required to report them. In addition, as a US person - which includes resident aliens, you have to pay income tax on your worldwide (US and foreign) income, which may include investment income. It is ess...

05/29/2021

America is the land of opportunity. However, opportunity can mean additional tax considerations, especially for foreign individuals setting up a business on U.S. soil. It is imperative to structure the business appropriately from the beginning so as not to trigger any unintended U.S. tax consequences down the road. Below is a brief comparison of the most popular entity structures to consider.

America is the land of opportunity. However, opportunity can mean additional tax considerations, especially for foreign individuals setting up a business on U.S. soil. It is imperative to structure the business appropriately from the beginning so as not to trigger any unintended U.S. tax consequence

03/10/2021

Mark Luscombe offers an in-depth look at the many tax angles of the American Rescue Plan.

02/22/2021

IRS extends tax-filing deadline for individuals in Texas by two months to June 15.

IR-2021-43, February 22, 2021 — Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

04/24/2020

The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.

04/22/2020

The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.

04/21/2020

Mexico released its package for 2020, which includes a revamp of its international taxation regime.

Are you ready? https://rsm.us/2TMAilA

In early September, Mexico released a proposed tax reform package with significant changes in the country’s international tax regime.

04/17/2020

The Internal Revenue Service further expanded relief for taxpayers in response to the Coronavirus (COVID-19) pandemic. Individuals, corporations, trusts, estates and other taxpayers that ordinarily would have had a filing, payment or other deadline between April 1, 2020, and July 15, 2020, now qualify for an extension.

IN DEPTH Following President Trump’s March 13, 2020, Emergency Declaration in response to the Coronavirus (COVID-19) pandemic, the Internal Revenue Service (IRS) provided relief for certain income tax payment and filing deadlines in Notices 2020-17, 2020-18 and 2020-20. The IRS has now further amp...