The article was first published in Global Tax Weekly, issue 174. Below is the full text of the eighth article in the series on US taxes for US persons living outside the US. by Stephen Flott, and Omar Saleh, Flott & Co. PC This is the eighth article in a series of articles on key US…
DetailsThe article was first published in Global Tax Weekly, issue 156. Below is the full text of the second 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 – The Foreign Earned Income Exclusion by…
DetailsThe 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…
DetailsThe IRS issued a press release with recommendations on what to consider when selecting your tax preparer. The IRS release, which is replicated below is also available on its website at: https://www.irs.gov/uac/Newsroom/Tax-Preparedness-Series-Make-a-Wise-Choice-when-Selecting-a-Tax-Preparer. A PDF version of the release may be downloaded here. Tax Preparedness Series: Make a Wise Choice when Selecting a Tax Preparer IR-2015-124,…
DetailsFurther 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…
DetailsIn late May, the IRS published the first list of the Foreign Financial Institutions (“FFI”) that have applied for and received Global Intermediary Identification Numbers (“GIIN’s”). The list is searchable at the IRS website. According to the IRS, the list will be periodically updated. Recipients of W-8BEN-E’s are now able to independently verify whether an FFI that…
DetailsYou 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…
DetailsCompensation clawbacks, where employers recoup compensation, e.g., incentive bonuses, to rectify violations of rules or policies, have received much press since the Great Recession of 2008, and a number of well-publicized financial scandals, such as the J.P. Morgan “London Whale” incident. The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) (“Dodd-Frank”) dramatically increased the incidents of clawbacks, and, thus, the importance of their federal income tax treatment
DetailsLast Thursday the IRS published an FBAR Reference Guide that clients will find helpful in explaining various aspects of the Foreign Bank Account Reporting regime, including key definitions and requirements. FBARs for 2013 are due no later than 30 June 2014 and must be filed electronically. Paper forms are no longer accepted. There is no…
Details