201504.29
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Reporting Foreign Real Estate Income – International Tax Tips!

As we discussed numerous times on this website, the United States taxes U.S. citizens, Legal Permanent Residents and Foreign Nationals who meet the Substantial Presence Test on their worldwide income. Generally, if you fall into either of these three aforementioned categories then it does not matter where you reside,  you are subject to US tax…

201504.28
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Be Productive While Working on the Road

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201504.27
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OVDP & Criminal Prosecution – IRS Streamlined Program Ineligibility

Unfortunately, there are too many inexperienced international tax attorneys and other attorneys trying to take advantage of unsuspecting individuals, trusts, and businesses who have foreign accounts. As you may or may not be aware at this time in accordance with FATCA (Foreign Account Tax Compliance Act) U.S. Taxpayers with overseas accounts and other foreign financial…

201504.27
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IRS Form 5471 – A Basic Understanding of Reporting Foreign Corporation

IRS Form 5471 is an Information Return of U.S. Persons With Respect to Certain Foreign Corporations. This article will focus less on Form 5471 Instructions or the specific schedules that must be filed, but instead explain the purpose of the form, and how to avoid 5471 penalties. The purpose of the form is to ensure that individuals who meet…

201504.24
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Failing to Report Foreign Bank Interest – FATCA Compliance

It is not uncommon clients to come to our office concerned that they failed to report overseas bank and investment income under US tax return. Why does someone not report Foreign interest income on a US tax return? There are many harmless reasons for failing to report this income. For example, in several countries interest…