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Category Archives: foreign bank account reports

FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: RULES AND CATEGORIES FOR IRS FORM 5471

foreign bank account reports IRS News & Regulations US tax returns US tax returns on worldwide income US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxes for Non-Residents

US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES Here we will briefly discuss the ownership attribution rules for purposes of Form 5471, and introduce the different filing categories under Form 5471. The rules and reporting requirements for each category of filer are unique and will be discussed in more detail in subsequent articles. Before describing the…

November 27, 2013
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FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: INTRODUCING IRS FORM 5471

foreign bank account reports IRS News & Regulations US tax returns US tax returns on worldwide income US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxes for Non-ResidentsLeave a comment

US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES If you are a US person (citizen or resident) you may have learned by now that you have to file a US tax return and bank report each year, even if you have no US source income.  Well, that’s not all.  This is the first in a series…

November 21, 2013
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Accidental Americans and US Tax Compliance: A Discussion with the IRS

Citizenship Renunciation foreign bank account reports IRS News & Regulations US citizenship US tax returns US tax returns on worldwide income US Taxes for Non-Residents

Flott & Co. recently had the opportunity to discuss our proposal for changes to the existing IRS “noisy” disclosure programs (Offshore Voluntary Disclosure Program – OVDP – and the Streamlined Filing Compliance Procedure for Non-Resident US Taxpayers – Streamlined Process) with representatives of the Service.  The discussion focused on encouraging the IRS to create a…

October 28, 2013
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Letter to IRS Director of Individual International Compliance About Tax and Financial Account Reporting by Long Term Non-Resident Dual Citizens

foreign bank account reports US citizenship US Taxes for Non-Residents

DEAR MR. HORTON: The Service’s approach to tax and FBAR compliance by US citizens who are dual nationals and long-term residents of other countries needs to change.  The existing compliance programs do not reflect the demonstrable reality that there are many genuinely innocent delinquent US taxpayers living overseas. Enclosed with this letter is a proposal…

October 19, 2013
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Flott & Co. Suggests Improved Department of State Guidance for Relinquishment of US Citizenship

Citizenship Renunciation foreign bank account reports IRS News & Regulations US citizenship

Flott & Co. recently contacted the Department of State, suggesting that Volume 7 (Consular Affairs) of the US Department of State Foreign Affairs Manual (“FAM”) be revised. To avoid inconsistencies in the treatment of similar cases across the world by American consulates, more specific guidance and clearer procedural rules are needed for consular officers on the subject…

August 9, 2012
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