The Internal Revenue Service (IRS) recently announced the Offshore Voluntary Disclosure Program (OVDP) will end. The OVDP is currently scheduled to close September 28, 2018.
The Internal Revenue Service (IRS) expects United States citizens and resident aliens to report certain foreign assets. Individuals with foreign assets generally fit one of two categories: either they live and work abroad or live stateside but have foreign financial interests.
The Supreme Court of the United States (SCOTUS) declined to hear a case that questions the constitutionality of the Foreign Account Tax Compliance Act (FATCA).
The biggest tax tip for 2017 tax filings may come as a surprise. This is because it does not have to do with 2017 taxes. The tax reform passed for 2018 overhauls the system. As a result, the reform could translate to a change in your tax obligations in 2018.
The corporate repatriation tax is one part of the new tax law. This tax specifically addresses those who have earnings abroad.
Recent tax reform has changed tax obligations. These changes impact not just those currently living in the United States, but also those living abroad. Some changes that will specifically impact expats include adjustments to exclusion rates and corporate taxes.
President Donald Trump’s recent tax law appears to have sparked change not just in the United States, but throughout the world. China recently announced that it would grant tax exemption to both local and foreign companies operating within their borders. A piece by CNBC discussed the new law, noting the move signals China’s “determination to gain an edge in global competitiveness.”
The pre-holiday crunch is often a busy time. This holds true for everyone that works at any level of employment. Retail, clerical, legal, financial, medical or politics. In fact, this truth holds even for the person who holds the highest office in the country.
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.
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.