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Three tips for those planning to retire abroad

Retirement is a time to reap the rewards of years of hard work and planning. For some, this may mean leaving the country to be closer to family, friends or to simply take more time to explore the world. This can be a rewarding endeavor when done wisely. However, a failure to properly account for potential issues can lead to serious legal issues.

Study analyzes why people use offshore accounts

The use of offshore accounts is a point of contention in the media these days. The release of the Paradise Papers and Panama Papers arguably aimed to bring down the reputation of those who used these accounts, but the information may have led to an unforeseen result. Instead of just leading to negative press, the papers have also kindled a discussion on why people use these accounts. 

Do you need to comply with FATCA?

The Foreign Account Tax Compliance Act (FATCA) requires certain United States taxpayers to report foreign assets to the Internal Revenue Service (IRS). This is in addition to other requirements, such as filing the Report of Foreign Bank and Financial Accounts (FBAR) form.

IRS announces International Tax Enforcement Group initiative

The fact that the Internal Revenue Service (IRS) is cracking down on offshore accounts and foreign tax compliance issues is not a new one. Media outlets have been covering this story for months. However, the agency recently took a big step that will push these efforts to the next level.

What is an International Boycott Report?

U.S. companies and their oversea affiliates are prohibited from certain interactions with countries that are listed as boycotted. In some cases, the United States Government may sanction a request. An understanding of the potential tax implications of these dealings is beneficial for any business operating in qualifying countries.

Will Foreign Financial Institutions renew their FATCAs in time?

Foreign financial institutions that provide financial accounts to U.S. taxpayers or foreign entities that have a substantial ownership interest by a U.S. taxpayer are generally required to report information to the IRS. In some cases, this requires completion of an FFI agreement.

Is the streamlined process for foreign accounts a good bet?

If you are a United States taxpayer with interest in a foreign asset, odds are high you know that you must report this interest to the government. A failure to do so can result in serious penalties, ranging from steep monetary fines to potential imprisonment. The severity of the penalties often hinges on one thing: whether or not the failure to report was willful.

Will Congress pass a foreign earnings tax?

Congress is considering a new tax proposal that would result in a minimum tax applied to the foreign earnings made by U.S. companies’. The effort is viewed as an attempt to keep funds here in the United States as opposed to sending them overseas.

Every Tax Problem Has A Solution

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