Category Archives: Foreign Income

IRS Issues Regs To Require Unreported Foreign-Owned Disregarded Entities To Disclose Ownership Through EINs/Information Returns

The IRS has issued proposed regs that would impose new reporting requirements on U.S. disregarded entities (DEs) solely owned by a foreign party. The IRS stated that, under current law, these DEs and their foreign owners are unknown because they … Continue reading

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Taxpayer Not Required To File FBAR For Offshore Online Gambling Accounts; Accounts Were Not Banks

The Ninth Circuit Court of Appeals has held that a taxpayer was not required to file a Foreign Bank and Financial Account Report (FBAR) with respect to two online gambling accounts established in foreign countries used only to play poker … Continue reading

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Foreign Bank Account Reporting Due June 30th

Any US person that has a financial interest in, or signature authority over, foreign financial accounts whose combined values exceeded $10,000 at any time during the 2014 year, generally must disclose such accounts by filing an FBAR (Report of Foreign Bank … Continue reading

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Foreign Account Scams

There is no limit as to what scam artist will do to get your personal information. The IRS recently released a fraud alert to international financial institutions with the Foreign Account Tax Compliance Act (FATCA).  Scam artist are posing as IRS … Continue reading

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FACTA

FACTA, the Foreign Account Tax Compliance Act was enacted in 2010, as a portion of the Hiring Incentives to Restore Employment.  This act has been placed into service, to target non compliance by U.S. taxpayers using foreign accounts. It will … Continue reading

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Tax Strategies for Americans Abroad

The United States taxes citizens and resident aliens on all income earned worldwide, including earned income and investment income. However, you have several ways to avoid U.S. tax on income already taxed by a foreign country. If you’re working in a country … Continue reading

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Possible Techniques for Transferring IP Offshore

For companies with significant Intellectual Property (IP), it may be beneficial for tax purposes to consider transferring its IP to a controlled foreign entity.  The rules and regulations are complicated, so we thought it would be of value to outline … Continue reading

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June filled with Foreign Activity Reporting Requirements

U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, may have a U.S. tax liability and a filing requirement in 2013, and that the filing deadline is … Continue reading

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Reliance on accountant may avoid penalty for failure to file foreign trust form

There are a great deal of complicated rules, related to reporting any foreign income.  These provisions put the burden of reporting on the taxpayer and “encourage” compliance by imposing significant penalties of taxpayer who fail to comply.  Since, most accountants … Continue reading

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New Foreign Asset Reporting In Effect For 2011 Tax Year

Individuals must report specified foreign financial assets on new Form 8938 for 2011 tax year. The HIRE Act (the Hiring Incentives to Restore Employment Act of 2010 passed in March, 2010) provides that individuals with an interest in a “specified … Continue reading

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