U.S. Entrepreneurs with Foreign Income or Accounts – International Tax

Contents1 U.S. Entrepreneurs & International Tax 2 Worldwide Income3 Important Foreign Account & Asset Definitions3.1 Foreign3.2 Account3.3 Reporting3.4 FBAR3.5 TD 90.22-13.6 FinCEN Form 1143.7 BSA4 Foreign Accounts5 Foreign Assets6 Tax Treaties7 Totalization Agreements8 Already Out of Compliance?9 Getting into Compliance10 1. OVDP 10.1 What is Included in the Full OVDP Submission?10.2 OVDP Penalties11 2. Streamlined Domestic Offshore Disclosure11.1 What am…


FBAR (2018) – Important Tips for Timely Reporting Accounts to the IRS

Contents1 FBAR 2 Important FBAR Definitions2.1 Foreign2.2 Account2.3 Reporting2.4 FBAR2.5 TD 90.22-12.6 FinCEN Form 1142.7 BSA3 How to File The Form4 Step 1 – Are you a U.S. Person?5 Step 2 – Do You Meet the Threshold Requirements?6 Step 3 – Identify What is an Account7 Step 4 – How Many Accounts Do You Have?8…


International Trust IRS Reporting Rules – U.S. Tax, Assets & Accounts

Contents1 The Grantor May Still Be Taxed2 Form 3520-A Reporting3 Does the Trust Have Foreign Accounts?4 Be Proactive, Get Into Compliance with Offshore Disclosure5 Penalties5.1 The following is a summary of penalties as published by the IRS on their own website:5.2 FBAR 5.3 Form 89385.4 Form 35205.5 Form 3520-A5.6 Form 54715.7 Form 54725.8 Form 9265.9…


IRS Criminal Investigation – 5 Key IRS Tax Investigation Techniques

Contents1 IRS Criminal Investigation2 Contacting Your Bank Manager3 Showing up at Your Home, Unannounced4 Showing up at your Employment or Place of Business5 Sudden Stopping of Communication From the IRS6 Interviewing your CPA7 Danger of Non-Compliance8 Avoid these Issues with IRS Offshore Disclosure9 Penalties9.1 The following is a summary of penalties as published by the IRS on…


Quiet Disclosure IRS vs. Streamlined Disclosure (2017-2018 Review)

Contents1 Quiet Disclosure vs. Streamlined Offshore 2 What is a Quiet Disclosure?3 Anatomy of a Typical Quiet Disclosure 4 The Problem: Now You Are Willful5 Quiet Disclosure vs. Streamlined 5.1 Quiet Disclosure5.2 Streamlined Program6 Streamlined Domestic Offshore Procedures7 Streamlined Foreign Offshore Procedures8 Streamlined Domestic Penalty Calculation9 Streamlined Program – Common Examples10 What Forms Must be Reported?11 Reporting Foreign Accounts (FBAR)12…


Form 8938 Instructions – Important Steps to Reporting Foreign Assets

Contents1 Form 8938 Basics1.1 First Determine if You Have to File1.2 Make a List of your Foreign Assets1.3 Determine the Value of the Foreign Assets1.4 Exclude Assets That Are Not Included in the Analysis1.5 Determine the Income Generated from the Assets1.6 Determine Whether your Assets are Deposit or Custodial1.7 Be Sure to Identify Question 3 of…


S-Corporation & Foreign Income – U.S. Tax | IRS Offshore Reporting

Contents1 S Corporation Basics2 International Tax & Offshore Reporting3 The S Corporation – Worldwide Taxation4 Subsidiary, Branch or Registered Company?5 S Corporation Operating Abroad & Flow-Through Income6 S Corporation and Offshore Reporting7 FBAR8 FATCA Form 89389 Additional S-Corp Reporting10 Penalties10.1 FBAR 10.2 Form 893810.3 Form 352010.4 Form 3520-A10.5 Form 547110.6 Form 547210.7 Form 92610.8 Form 886510.9…


IRS Form 3520 Instructions – Key Steps to Reporting a Foreign Gift

Contents1 Form 3520 Instructions2 1. What is the Type of Gift?3 2. What is the Value of the Gift?4 3. What is the Source of the Gift?4.1 Foreign Person4.2 Foreign Corporation of Foreign Partnership4.3 Foreign Trust5 4. Don’t Forget to Complete Page 1 of Form 35206 5. No Trust? Continue to Section IV7 6. Don’t…