foreign tax Tag

It is the dream of many a tax advisor to obtain for a client indefinite deferral—a state where income is built up, but the tax burden on that income is never recognized. Many sophisticated international tax structures try to create such deferral for U.S. tax...

July 5, 2012 The Foreign Account Tax Compliance Act (FATCA), enacted as part of 2010 Hiring Incentives to Restore Employment (HIRE) Act, is a reporting regime designed to ensure US citizens and residents pay appropriate US taxes on specified foreign financial assets. FATCA focuses on foreign...

All United States persons, including citizens, green card holders, and individuals considered US residents based on the duration of their stay in the United States, are required to annually report their ownership of, or signature authority over, foreign bank accounts. The form for such reporting...

In 2010, the U.S. government enacted the Foreign Account Tax Compliance Act (FATCA), containing provisions that would require, starting in 2013, foreign financial institutions (FFIs) to provide to the IRS the personal information of any United States persons holding accounts at that FFI. See https://rroyselaw.com/blog1/2012/01/12/third-offshore-voluntary-disclosure-program-announced-by-irs/.The...

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