US Tax Compliance And Planning For US Executives, Entrepreneurs And Investors Living Outside The US

The article was first published in  Global Tax Weekly, issue 170. Below is the full text of the seventh article in the series on US taxes for US persons living outside the US. US Tax Compliance And Planning For US Executives, Entrepreneurs And Investors Living Outside The US by Stephen Flott, Omar Saleh, and Louisa…

Details

US Tax Compliance and Planning – The Offshore Voluntary Disclosure Program (OVDP)

By: Joseph Siegmann, and The Internal Revenue Service (IRS) created the Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Domestic Offshore Procedure (SDOP) to encourage taxpayers to disclose foreign accounts and income that were subject to reporting but were not previously reported to the IRS. While both the OVDP and SDOP encourage taxpayers to disclose…

Details

United States Tax Compliance And Planning For US Executives, Entrepreneurs And Investors Living Outside The US – An Overview

The article was first published in Global Tax Weekly, issue 154. Below is the full text of the first article in the series on US taxes for US persons living outside the US. United States Tax Compliance And Planning For US Executives, Entrepreneurs And Investors Living Outside The US – An Overview  by Stephen Flott…

Details

Revised Streamlined Compliance Procedures for FBAR

Further to our June 8th, 2014 email regarding the June 3rd, 2014 announcement by the Commissioner of the Internal Revenue Service that changes to the Offshore Voluntary Disclosure Program (OVDP) and Streamlined Compliance Procedure (SCP) were under development, we are pleased to report that yesterday, the Service published changes to the SCP that substantially improve…

Details

IRS Decision to “Ease” FATCA Enforcement does not Apply to Individuals – Only to Entities

You may have seen a post like the one below and concluded that the IRS had eased FATCA enforcement for everyone.  That is NOT true.  During the American Bar Association Section of Taxation meeting in Washington, DC from May 8th through 10th, senior officials of the IRS explained that the announcement made public on Friday, May…

Details

Final Version of W8-BEN-E Released: New FATCA Compliance Requirements for non-US Entities

On March 28, 2014, the IRS released the final version of the W-8BEN-E. The W-8BEN-E is an important step in enforcing FATCA, and replaces the W-8BEN for non-US entities receiving payments from US payors. The purpose of the W-8BEN-E for non-US entities to certify their FATCA status. However, it is still the responsibility of the US payor to request the…

Details

FATCA Developments in March 2014

March has started well in the Treasury Department’s ongoing efforts to implement FATCA. The Treasury Department inked two more FATCA intergovernmental agreements (IGA’s) on March 5, 2014. Importantly, Chile has signed an IGA, the first country in South America. The Finnish IGA agreement is based on the Model 1A treaty and requires Finnish financial institutions…

Details