The impact of Foreign Real Estate on U.S. Tax Law, FBAR and FATCA can be very serious, and costly. Many people misunderstand the IRS requirements regarding the reporting for Foreign Rental Income. This is because in many countries, there are minimum threshold requirements before real estate income has to be reported on a foreign tax return. This is…
While it may not be common for individuals to relinquish their citizenship, it is very common for individuals to give up, relinquish, or voluntarily abandon their green card (Even with FATCA, the number of renouncements of citizenship is still under 7,500 per year) While a Green-Card can be an effective method for individuals to freely…
The article, “Inheriting an Estate with Unreported Foreign Accounts” was prepared by the International Tax Lawyers at Golding & Golding. With the introduction and enforcement of FATCA, it is becoming much more common for individuals who inherit money from individuals who have assets, income or investments overseas to realize that the person leaving the inheritance…
The failure to report foreign accounts can have far-reaching effects, way beyond any potential scope you may have considered prior to finding yourself in the situation. We recently spoke with an individual who found herself in this type of situation, which could have easily been avoided. Unfortunately, due to the fact that her case has…
For many people, IRS Offshore Voluntary Disclosure is an integral part of getting into tax compliance for prior years, in which the individual (Estate or Business) did not report foreign money, For the majority of individuals who submit to traditional IRS Offshore Voluntary Disclosure, it is because they were either willful, willfully blind, or had…
The terms Offshore Tax Evasion and Offshore Tax Fraud are two commonly misunderstood phrases – and rightfully so. When people think of offshore, their mind immediately takes them to a beach in the Cayman Islands or a Villa in the Bahamas, but this is not accurate (at least from the IRS’ perspective) When the IRS…
Understanding the OVDP PFIC & MTM Conundrum. OVDP is the Offshore Voluntary Disclosure Program. A PFIC is a Passive Foreign Investment Company (PFIC). MTM is the Mark-to-Market Election, and the conundrum is whether an OVDP with Opt-Out is a preferred method (over the IRS Streamlined Offshore Disclosure Program) when you have the issue of a…
Whether it is because you started your own business, or invested in another business — business can be very exciting. With that said, there are very specific tax laws, rules, and nuances that come into play when a person has an interest in, or ownership of a business. These rules are amplified when the business…
Learning about FBARs, FATCA and other IRS related acronyms is a double-edged sword. On the one hand, you now have the knowledge and the wherewithal to get into compliance and avoid the IRS issuing excessive fines and penalties against you for what really seems to be minor issues. On the flip-side, if, armed with this…
We are providing you with “Expat Tax Questions & Answers – IRS International Reporting Guide,” prepared by the International Tax Lawyers at Golding & Golding. As a U.S. Expat, there are very important tax laws that you must be aware of in order to ensure you remain in compliance with IRS filing and reporting requirements….
What is the current status of the IRS OVDP Program, and International Tax Law in general? Ever since the new president was elected, there has been a great deal of uncertainty and anticipation as to whether there will be any changes to the US tax code, and if so how it will impact international tax…
A common question we receive at Golding & Golding is: “Are Provident Funds Taxable in the United States?” Provident Funds Employment Provident Funds are a very common retirement tool in many different countries outside of the United States – but for U.S. Persons, having a foreign retirement fund such as an EPF, CPF, or MPF…
