Tag Archives: International
The deadline for FBAR filings is fast approaching.
If you had a financial interest in a foreign bank or other financial account last year, or had signature authority over a foreign account owned by a domestic entity, you may need to file an FBAR with the Treasury Department.
FBARs must be filed with—and received by—the U.S. Department of the Treasury no later than June 30th of the following year. In other words, your 2012 FBAR must be received by June 30, 2013.
Voluntary disclosure programs work, for the IRS and for U.S. taxpayers.
The IRS has already collected a total of more than $4.4 billion as a result of two previous offshore voluntary disclosure programs—one in 2009 and a second in 2011. Last month, the IRS reopened the program for persons with undisclosed offshore bank and financial accounts.
If you still have foreign accounts that you haven’t disclosed on your federal tax filings, you have a new opportunity to become current with the IRS. As (continue reading…)
International tax evasion: In this time of economic crisis for many countries around the world, anti-fraud measures at the individual and corporate level are a major focus for governments and their taxing and regulatory authorities.
Recently, the U.S. government has launched major initiatives to disclose unreported income from foreign assets, which has been estimated to cost the federal Treasury between $40 billion and $70 billion in individual income taxes alone.
If you have a financial interest in, or signature authority over, a (continue reading…)
Honesty is the best policy—at least when there’s money in it, according to Mark Twain. The IRS, charged with enforcing a tax system based on voluntary disclosure, agrees.
International tax evasion in the form of undisclosed and unreported offshore financial accounts costs the federal government as much as $100 billion in lost revenue each year. That makes it an obvious priority for enforcement activity.
If you have an offshore financial or bank account, you’re likely subject to federal taxation and reporting requirements―just as (continue reading…)
To pay for newly enacted legislation that temporarily increases federal medical assistance for states and appropriates funds for education and jobs, the Education Jobs Act of 2010 includes a number of international tax provisions―including new restrictions on the use of foreign tax credits by U.S. corporations with foreign operations.
The new foreign tax provisions stem from a concern that U.S. multinational corporations are able to shift income to foreign affiliates and operations in low-tax jurisdictions in order to reduce or avoid (continue reading…)
The bipartisan Hiring Incentives to Restore Employment Act, or HIRE, was signed into law on March 18, 2010 to promote job creation and sustained employment.
According to President Obama, “”It is the first of what I hope will be a series of jobs packages that help to continue to put people back to work.”
Major hiring provisions of the Act include a payroll tax holiday for an employer that hires a displaced worker and a retained worker credit if the employer continues (continue reading…)
There’s an old saying that “honesty pays, but it doesn’t seem to pay enough to suit some people.” If these people are Americans with unreported offshore financial accounts, that calculation may be changing.
Last year, as its revenues declined, the Internal Revenue Service began to more aggressively pursue undisclosed accounts in international tax havens. It’s no secret that such undisclosed accounts raise concerns over illegal use of funds, including terrorism, and are a significant source of lost tax revenue. It’s been estimated that (continue reading…)