A U.S. person may have international tax reporting obligations to the IRS if he or she owns more than 10% stock in a foreign corporation. The U.S. persons who might be subject to these special reporting rules include: 1) U.S.
Many taxpayers are aware of their FBAR requirement with respect to foreign financial accounts.
Certain international tax reporting requirements apply to individuals who hold “specified foreign financial assets” valued in excess of $50,000.
In order to properly and completely qualify for the Offshore Voluntary Disclosure Program, you must take certain steps and provide specific information to the IRS.
If you have foreign bank accounts that you have never properly disclosed to the IRS, you should know that if the IRS learns about the unreported accounts the penalty is equal to 50% of the highest account balance for each year that the account went unreported.
Under one of the provisions of the Foreign Account Tax Compliance Act (“FATCA”), withholding agents are required to withhold 30% of certain payments to a foreign financial institution (“FFI”) unless the FFI has entered into an agreement with IRS to report certain information with respect to U.S.
Under international tax treaties, cooperating nations provide certain tax concessions to each other’s residents. The U.S. is a party to many bilateral income tax treaties. As a result of such agreements, a U.S.
If you are a U.S. citizen, but you earn income abroad, the US tax rules that apply to your foreign income are largely similar to those that apply to your domestic income.
US international tax laws do allow you to exclude foreign earned income, under specific conditions.
Do you have a foreign bank account that may have international tax implications?