25 Years Of Positive Results
The Bank Secrecy Act requires taxpayers to report their foreign financial accounts like brokerage accounts, mutual funds and bank accounts to the Treasury Department. The reporting of these accounts is done by filing FBAR on FinCEN Form 114. Individuals must file the...
Some expatriates living abroad tire of paying income taxes to a country they no longer live and have no plans to return to. The simple solution would seem to be renouncing citizenship and be done with the tax obligation. However, renouncing citizenship does not...
All U.S. citizens and resident aliens must pay federal income taxes. It generally does not matter where they lived when earning their income. It applies even if the citizen did not receive a Form W-2 or Form 1099. Taxable sources of income include earned and unearned...
As businesses grow, new opportunities often arise across seas and borders. From manufacturing plants to shipping and distribution centers to administrative offices, international expansion can open doors. Taxes, of course, will differ between countries. The tax law of...
The Internal Revenue Service (IRS) pushed back the tax deadline to July 15, 2020. The deadline is fast approaching, and as taxpayers finalize their returns, they may find themselves wondering “what triggers a tax return?”Although invasive audits have declined, audits...
The courts may be operating a bit differently in light of the current coronavirus pandemic, but they are still pursuing cases. In a recent example, the court issued a decision in a recent tax case involving a Foreign Bank Account Report (FBAR) violations. United...
Time is running out for taxpayers in the U.S. who have undisclosed foreign assets. The IRS is bringing the Offshore Voluntary Disclosure Program (OVDP) to a close. The program will end on September 28th, 2018. This will bring an end to the third installment of the...
As a business owner, you take great pride in your ability to provide your clients with a high level of service.Regardless of your industry, if you own a business in the United States there may come a point when you find yourself conducting business in another part of...
There is no denying that paying taxes is part of life. It doesn't matter where you live or how much money you earn; it's almost guaranteed that you're required to pay your fair share.In addition to paying federal taxes to the IRS, you'll do the same on the state...
Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over...
