Tag Archives: Foreign Income

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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Foreign Bank Account Reporting Due June 30th

There is a major and often overlooked tax filing that is due on June 30th. Any US person that has a financial interest in or signature authority over foreign financial accounts with an aggregate value in excess of $10,000 at … 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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IRS Reopens Offshore Voluntary Disclosure Program

The IRS has reopened the offshore voluntary disclosure program (OVDP) for an indefinite time period. OVDP is a program where we can correct filing deficiencies related to our offshore assets.  These programs allow us to pay a penalty for our non-compliance as … Continue reading

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Will Congress OK a repatriation holiday?

Under current law, if a corporation has off shore earnings those amounts are generally not subject to US income tax until they are repatriated (brought back) to the US.  We are strong advocates for non-US earned income being allowed to be … Continue reading

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Get ready for a new acronym – FATCA

The Foreign Account Tax Compliance Act (FATCA) requires foreign banks to forward details of US clients with deposits of over $50,000 to the IRS or withhold 30% of the interest, dividend and investment returns payable to them and send the … Continue reading

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