IRS Reporting Requirements for Gifts from a Foreign Person
Certain events, such as when a U.S. taxpayer receives a gift from a foreign person, trigger an international tax filing requirement. This event triggers the requirement to file form 3520.
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Gifts from Foreign Corporations Included as Gross Income
When a U.S. person receives certain gifts or bequests from foreign corporations, those amounts may be considered as part of the U.S. person’s gross income under US International Tax regulations.
How to Bring a Foreign Bank Account Into Compliance
Do you have a foreign bank account that may have international tax implications?
How to Bring a Foreign Bank Account Into Compliance
Do you have a foreign bank account that may have international tax implications?
How to Exclude Income Under The Foreign Income Exclusion
US international tax laws do allow you to exclude foreign earned income, under specific conditions.
International Tax Laws for U.S. Citizens
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.
The Effects of Treaties on U.S. Citizens and Residents
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.
The IRS Gives Foreign Financial Institutions Additional Time to Register for FATCA
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.
Offshore Voluntary Disclosure Program
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.
What are the requirements of the Offshore Voluntary Disclosure Program?
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.