Taxability Journal

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Taxability Journal

Patrik Hancz, JD

U.S. Tax Residency in Practice: Risks for Cross-Border Wealth Planning Structures

Introductory Note This article is based on a presentation delivered at the STEP Hungary Conference held on 20 March 2026 in Budapest, Hungary, a professional forum for private wealth, taxation, and cr...

Mar 30, 2026

Patrik Hancz, JD

The U.S. Gift Tax – with a Practical Example

The end of January is always an important period in the life of the United States, as the tax filing season begins (this year on January 26). Therefore, in the coming period, let us familiarize oursel...

Mar 30, 2026

Patrik Hancz, JD

Taxation of Generation-Skipping Transfers in the United States – the Generation-Skipping Transfer Tax (GSTT)

In the United States tax system, transfers of wealth are subject to taxation at multiple levels. In addition to the gift tax and the estate tax, there exists a third, less well-known but important spe...

Mar 30, 2026

Patrik Hancz, JD

Special U.S. Filing Obligations — Foreign Income & Assets (FBAR vs. Form 8938)

The U.S. tax system taxes worldwide income, and therefore imposes strict reporting obligations on U.S. citizens and residents who live abroad or hold foreign assets. The FBAR and Form 8938 are often r...

Mar 30, 2026

Patrik Hancz, JD

Dependents in the United States: Qualifying Child and Qualifying Relative, with Examples – Part 3

In the first part of this series, we discussed the three basic U.S. filing statuses — Married Filing Jointly , Married Filing Separately , and Qualifying Surviving Spouse — and their detailed conditio...

Mar 30, 2026

Patrik Hancz, JD

Hungarian Tax Penalties – Part II: Late Payment, Self-Revision and Procedural Fines

In the first part of our article, we examined the concepts of tax deficiency, tax penalty, and default penalty under Hungarian tax law. In this second part, we continue with the rules on late payment ...

Mar 30, 2026

Patrik Hancz, JD

Filing Statuses and Tax Residency of Foreign Individuals in the United States – Part 2

In the previous part, we reviewed the detailed rules of three filing statuses: Married Filing Jointly (joint return), Married Filing Separately (separate returns), and Qualifying Surviving Spouse (sur...

Mar 30, 2026

Patrik Hancz, JD

Hungarian Tax Penalties – Part I: Tax Deficiency, Tax Penalty and Default Penalty

Understanding how penalties are imposed by the Hungarian Tax Authority (NAV) is essential for both individuals and companies operating in Hungary. In this article, we look at the main types of tax pen...

Mar 30, 2026

Patrik Hancz, JD

Fulfilling Individual Income Tax Filing Obligations in the United States – Part 1

Generally, the filing status is based on the marital status on the last day of the year. You can choose: Single if you’re unmarried, divorced or legally separated. Married filing jointly if you’re mar...

Mar 30, 2026