Certain international tax reporting requirements apply to individuals who hold “specified foreign financial assets” valued in excess of $50,000.
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Many taxpayers are aware of their FBAR requirement with respect to foreign financial accounts.
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.
If you are eligible to use the Streamlined Domestic Offshore Procedures, then you must follow particular steps. If you fail to properly comply with the steps, then your application will be rejected for the streamlined procedures.
Applicants eligible under the Streamlined Foreign Offshore Procedures must follow particular steps to ensure that their returns are processed under the special program.
In recent months the number of US Department of Justice prosecutions of US persons with international tax problems involving previously unreported foreign income and assets has risen sharply.
The streamlined procedures have a different set of requirements depending on whether the taxpayer currently resides within or outside of the United States. If you are eligible to use the Streamlined Foreign Offshore Procedures, then you must follow particular steps.
If you have a U.S. Green Card, you are considered a U.S. resident for tax purposes. Accordingly, you are a lawful permanent resident and are subject to U.S. tax, even on worldwide income.
Over the past few years, the IRS has instituted aggressive rules to force Foreign Financial Institutions (FFIs) and Non-Financial Foreign Entities (NFFEs) to enter into FATCA (Foreign Account Tax Compliance Act) agreements which require compliance with strict reporting requirements on the assets