U.S. Taxation of Foreign Mutual Funds (PFIC & Mutual Funds) The IRS Tax Rules involving Foreign Mutual Funds are not…fun. We will provide you a basic summary to regarding Foreign Mutual Funds, including: What is a PFIC? What is Form 8621? What is a MTM Election? What is a QEF Election? What is IRS Offshore Voluntary Disclosure?…
Filing Back Taxes – IRS Options for Amnesty | Late Tax Return Filing
Filing Back Taxes – IRS Options for Amnesty | Late Tax Return Filing Filing Back Taxes: If you have unfiled Tax Returns, can you still qualify for IRS Voluntary Disclosure, Streamlined Filing Compliance Procedures, or a Reasonable Cause submission to disclose unreported/undisclosed foreign income, assets, accounts, investments, etc.? The answer is, maybe. Filing Back Taxes…
From Temporary Visa to U.S. Resident – Qualify for Streamlined Foreign Offshore?
Despite what some inexperienced Offshore Disclosure Lawyers who are eager to sell you on their services may tell you, not everyone who applies for the Streamlined Voluntary Disclosure Program will qualify for it, and not everyone who submits a Certification Form 14654 or Form 14653 will be accepted. Specifically, the Streamlined Foreign Offshore Procedures can be…
Substantial Presence Test vs. 330 Day Rule (SFOP) – Streamlined Foreign Offshore
This post is designed to be the first in a two-part series Re: Streamlined Foreign Offshore Procedures involving some of the key nuances involved in meeting the requirements as a foreign resident vs. non-resident. Before discussing the ambiguity of the current vs. former U.S. Citizen description in the 14653 (IRS Streamlined Foreign), it is important…
Qualified Quiet Disclosure – What is it? | IRS Qualified Quiet Disclosure
Qualified Quiet Disclosure – What is it? | IRS Qualified Quiet Disclosure Qualified Quiet Disclosure: If you are considering a Qualified Quiet Disclosure (QD) to the IRS then, it is important to realize what a Qualified Quiet Disclosure is. Technically, there is no such thing as a Qualified Quiet Disclosure. Why? Because a Quiet Disclosure is…