U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013 who will have a U.S. tax liability need to be mindful of their filing requirements in 2014. The filing deadline is Monday, June 16, 2014, for U.S. citizens and resident aliens living overseas, […]
Sometimes the tax consequences at a Federal level are different than that at the State level. Such is the case in California when dealing with a Canadian Registered Retirement Savings Plan (RRSP). As explained in Revenue Procedure 89-45, a Canadian RRSP is not an Individual Retirement Account (IRA) because “these plans do not meet the […]
If you have undisclosed foreign accounts you have an important decision to make. That decision being – when do you start disclosing your foreign bank accounts and foreign income and how should you disclose? Many people thought that forever they can keep their foreign accounts a secret – not just from their creditors and spouses […]
A common question we hear a lot: My CPA who I have been going to for years has never told me that I had to report my foreign income. Now that I know I have to report my foreign income and disclose my foreign bank accounts, do I accept my CPA’s offer to represent me […]
If you have undisclosed foreign accounts you have an important decision to make. That decision being – when do you start disclosing your foreign bank accounts and foreign income and how should you disclose? Many people thought that forever they can keep their foreign accounts a secret – not just from their creditors and spouses […]
The U.S. Government Accountability Office (GAO) has just released its report: “IRS’s Offshore Voluntary Disclosure Program (OVDP): 2009 Participation by State and Location of Foreign Bank Accounts”. In this report the GAO studied the make-up of all 10,533 applicants to the IRS 2009 Offshore Voluntary Disclosure Program which was open for enrollment during eight months […]
Americans with Israeli bank or other financial accounts could face a tough tax season in 2014 if they do not come forward and disclose their assets to the IRS. Recently, Israeli banks have come under increased scrutiny by the IRS in regards to disclosing the accounts of their American clients. In particular, three Israeli banks- […]
Bitcoin has been in the news frequently lately, particularly since the collapse of the Japanese-based Bitcoin exchange, Mt. Gox. Bitcoin is a digital currency and peer-to-peer payment system created in 2009. Since 2009, the use of bitcoins has expanded significantly. Bitcoins can be bought and sold for various currencies, generally through a series of online […]
Last week, IRS Commissioner, John Koskinen, announced that the agency is right on track in implementing the non-discretionary legislative mandates of the Foreign Account Tax Compliance Act, which is more commonly known as FATCA. The significance of this law enacted as part of the Hiring Incentives to Restore Employment Act of 2010, P.L. 111-147, requires […]
As expats begin the task of gathering documents for their U.S. tax return preparation, here are some important updates to keep in mind. Foreign Earned Income Exclusion (“FEIE”) The Foreign Earned Income Exclusion is a valuable tax benefit that adjusts for inflation each year. For tax year 2013 the FEIE was $95,100 and for tax […]
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