Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
Exceptional Collaborative Services Provided by Freeman Tax Law Jeffrey S. Freeman
Freeman Tax Law provides both legal and accounting services for tax-related matters through a collaborative team approach. The firm assists clients with issues like Foreign Account Tax Compliance Act (FATCA) compliance and voluntary tax disclosures. Teams consisting of attorneys, CPAs, and project managers work together on each client's needs, allowing the firm to both represent clients legally and prepare tax filings in-house. This comprehensive service model was developed by the founder based on his experience in international tax law and accounting.
If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, the extra time is about to expire. If you haven’t yet filed do soon, and have these points in mind while filing.
The IRS offshore disclosure programs were created to bring those with unpaid taxes from their offshore accounts to rectify their errors. Intentional or not, the offshore voluntary disclosure programs (OVDP) still hit individuals with penalties ranging from 27.5-50%, but they are protected from further audit and criminal liability. The OVDP protects taxpayers from possible criminal charges stemming from tax evasion or concealing tax payment, filing false returns, and failing to file income tax returns.
Efficient Multidisiplinary Approach Valued by Freeman Tax Law ClientsJeffrey S. Freeman
Freeman Tax Law is a boutique law firm that helps clients to navigate the ever-changing landscape of tax law in the United States. One of the most significant changes in the past few years is the implementation of the Foreign Accounts Tax Compliance Act. This law requires overseas financial institutions to provide more transparent records regarding accounts and account holders with U.S. ties. Penalties for non-compliance can result in steep fines for individuals and a 30% sanction on foreign banking institutions for all funds transfers originating from the United States. Because of these new laws, many U.S. citizens who live or bank overseas are searching for a reliable law firm to assist them in complying with all the new FATCA disclosure and reporting requirements.
IRS Targets Groups of Taxpayers In Connection With Non-ComplianceJeffrey S. Freeman
Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance.
The IRS made several changes to the rules for withholding foreign partnerships and trusts under FATCA. WFPs and WFTs were required to renew their status with the IRS by August 2014. The changes align the requirements for WFPs and WFTs more closely with those of qualified intermediaries. Specifically, the changes allow WFPs and WFTs to assume primary withholding responsibilities, use know your customer documentation, and develop internal compliance programs instead of undergoing external audits. All WFP and WFT agreements will need to be periodically renewed to maintain status.
Important things you should know before you move to Singapore know your eligibility for credits and exclusions, each state has its tax regulations, Tax filing dates and relevant extensions, Tax treaties prevent double taxation for US expatriates, FBAR needs to be filed in particular tax filing cases. @ http://advancedamericantax.com/
Taxpayers are encouraged to heed the advice of the IRS and file undisclosed assets with the government through the Overseas Voluntary Disclosure Program while it is still available.
Exceptional Collaborative Services Provided by Freeman Tax Law Jeffrey S. Freeman
Freeman Tax Law provides both legal and accounting services for tax-related matters through a collaborative team approach. The firm assists clients with issues like Foreign Account Tax Compliance Act (FATCA) compliance and voluntary tax disclosures. Teams consisting of attorneys, CPAs, and project managers work together on each client's needs, allowing the firm to both represent clients legally and prepare tax filings in-house. This comprehensive service model was developed by the founder based on his experience in international tax law and accounting.
If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, the extra time is about to expire. If you haven’t yet filed do soon, and have these points in mind while filing.
The IRS offshore disclosure programs were created to bring those with unpaid taxes from their offshore accounts to rectify their errors. Intentional or not, the offshore voluntary disclosure programs (OVDP) still hit individuals with penalties ranging from 27.5-50%, but they are protected from further audit and criminal liability. The OVDP protects taxpayers from possible criminal charges stemming from tax evasion or concealing tax payment, filing false returns, and failing to file income tax returns.
Efficient Multidisiplinary Approach Valued by Freeman Tax Law ClientsJeffrey S. Freeman
Freeman Tax Law is a boutique law firm that helps clients to navigate the ever-changing landscape of tax law in the United States. One of the most significant changes in the past few years is the implementation of the Foreign Accounts Tax Compliance Act. This law requires overseas financial institutions to provide more transparent records regarding accounts and account holders with U.S. ties. Penalties for non-compliance can result in steep fines for individuals and a 30% sanction on foreign banking institutions for all funds transfers originating from the United States. Because of these new laws, many U.S. citizens who live or bank overseas are searching for a reliable law firm to assist them in complying with all the new FATCA disclosure and reporting requirements.
IRS Targets Groups of Taxpayers In Connection With Non-ComplianceJeffrey S. Freeman
Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance.
The IRS made several changes to the rules for withholding foreign partnerships and trusts under FATCA. WFPs and WFTs were required to renew their status with the IRS by August 2014. The changes align the requirements for WFPs and WFTs more closely with those of qualified intermediaries. Specifically, the changes allow WFPs and WFTs to assume primary withholding responsibilities, use know your customer documentation, and develop internal compliance programs instead of undergoing external audits. All WFP and WFT agreements will need to be periodically renewed to maintain status.
Important things you should know before you move to Singapore know your eligibility for credits and exclusions, each state has its tax regulations, Tax filing dates and relevant extensions, Tax treaties prevent double taxation for US expatriates, FBAR needs to be filed in particular tax filing cases. @ http://advancedamericantax.com/
DeVere Tax Consultancy provides tax services for both UK and US clients, including filing annual tax returns, tax planning, late filing assistance, and bespoke tax reports. They offer specialized expertise in international taxation issues and can help clients remain compliant with changing tax rules regardless of location. Client testimonials praise their ability to reduce taxes and penalties by making disclosures and using advanced planning strategies.
Brexit Broadcast: What we know so far and where is the momentum headingHiFX
2017 headlines have been dominated by the ongoing Brexit process, and the currency markets have been closely watching the developments. While dealing is now taking place in a calmer and more liquid environment than during the initial shock following the vote, Sterling remains weakened and is sensitive to both positive and negative headlines about the negotiations.
As both sides work to reach a deal on the financial settlement, citizens’ rights and the Irish border before the EU Summit on 14th December, we take a look at what’s happened so far and what could happen next.
Police Clearance Certificate declaration provided to show the absence of criminal record in the past activities. PCC attestation used to certify that the person is good or bad. https://bit.ly/2YYLg87
Budget 2014 was announced by the Swedish government on 9 April 2014. The new budget aims at encouraging education to improve the quality of the workforce
Bark & Co is a law firm specializing in complex fraud, serious crime, regulatory litigation, and tax compliance. They have built a reputation for quality representation and responsiveness to client needs. As an original member of the Specialist Fraud Panel, Bark & Co is among the top UK firms defending against criminal and civil fraud, regulatory litigation, money laundering, insider dealing, and cyber crime. Their civil department also specializes in all aspects of HM Customs and Excise investigations including VAT.
As we all know that HMRC tax rules and regulations are very complex and for this purpose, everyone needs advice or guidance of an expert so that you can file your personal tax and self assessment tax return on the given time.
IRS News Wire - Offshore Voluntary Compliance Efforts Top $10BillionStephen Herbert
The Offshore Voluntary Disclosure Program (OVDP) was specifically designed to provide U.S. taxpayers protection from criminal liability due to willful failure to report foreign financial assets and also the conditions for satisfying the civil tax and penalty liabilities with respect to those assets. It can be expected that incremental information will become available to the IRS under FATCA and Foreign Financial Asset Reporting [IRC §6038D] yielding greater influence towards taxpayer compliance.
Being a licensed Customs broker with a national bond posted with the CBSA (Canada Border Service Agency) we take care of Customs clearance nationwide at all Canadian Customs offices using such EDI tools of the CBSA as Accelerated Commercial Release Operational Support.
Tax Compliance Certificate, May 2016 - May 2017tawi123
Tawi Commercial Services Limited has been issued a Tax Compliance Certificate by the Kenya Revenue Authority (KRA). The certificate confirms that Tawi Commercial Services has filed all relevant tax returns and paid any taxes due, as required by law. The certificate is valid for twelve months until May 10, 2017. While issued based on current information, KRA reserves the right to withdraw the certificate if new information shows the recipient is no longer in tax compliance.
Bark & Co is an established London-based law firm with over 50 legal practitioners specializing in business regulation, business fraud, tax, and commercial dispute resolution. The firm offers its national and international corporate and individual clients specialist expertise in these areas from its location in London's legal center. Dedicated specialist teams provide rapid advice and assistance on complex business regulation, tax issues, and conducting all stages of legal proceedings.
Tax may not be the easiest thing on earth to handle but why worry when there is help? Get the latest tax time guide from the IRS website for comprehensive free tax guidelines.
For more: https://www.myirsteam.com/
St. Vincent & Grenadines offshore company incorporation - Slogold ASGSlogold Avia
Incorporating an offshore company and utilizing offshore company services in St. Vincent And Grenadines (SVG). Saint Vincent Offshore Company is ideal for non-residents to establish international business - tax benefits, confidentiality and offshore bank accounts.
China Eases Tax Exemption for E-commerceNair and Co.
The Chinese Finance Ministry (MOF) and the State Administration of Taxation (SAT) have recently published a joint circular announcing easier eligibility requirements for tax exemptions for e-commerce exporters.
This document provides information about Edwin Coe LLP's tax services. It discusses their expertise in advising clients on UK and international tax matters. They assist clients who are under tax investigation or seeking to disclose offshore matters through UK tax amnesty programs. They also provide tax compliance services and advisory services on various tax issues such as inheritance tax, property taxes, and tax planning for non-domiciled individuals and families with global wealth.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an overview of Colombia's main legal aspects for foreign investors, covering 12 chapters on topics such as foreign investment protection, corporate regulations, tax regime, intellectual property, and accounting regulations for companies. The guide includes information on Colombia's immigration laws and the different types of entry permits available for foreigners, such as visitor permits that allow stays of up to 90 days without needing a visa.
Raj Maruvada presented on reporting requirements for US residents with foreign financial assets and transactions. He discussed that US citizens, residents and those meeting the substantial presence test must report foreign source income, assets held abroad like bank accounts and investments, ownership in foreign businesses, as well as gifts and inheritances from foreign sources. Forms like the FBAR, Form 8938, Form 5471, Form 8865 and Form 3520 must be filed in certain situations to meet these reporting obligations. Noncompliance can result in penalties, so it is recommended that anyone with foreign financial interests consult a tax professional.
FATCA Puts Pressure On Foreign Financial Institutions & TaxpayersJeffrey S. Freeman
The document discusses the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report information to the US government about US account holders or face penalties. It notes that over 100 countries have signed agreements to comply with FATCA and lists important deadlines in 2015 for financial institutions to submit reports. It predicts greater financial transparency worldwide as more jurisdictions sign agreements and information sharing standards develop.
SSG-MUSIC Eftps singers sensatin group irs paymentSHAUN J FEDERICO
This document provides instructions for Singers Sensation Group to enroll in the Electronic Federal Tax Payment System (EFTPS) in order to make federal tax deposits electronically. It informs them that they were enrolled in EFTPS due to their likely tax deposit obligation. It outlines the steps to activate their enrollment over the phone or online, including providing their EIN, PIN, and financial institution information. It also notes the deadline to schedule payments to ensure timely filing and provides customer service contact information for assistance.
The document discusses recent updates from the U.S. Treasury regarding regulations on the Foreign Account Tax Compliance Act (FATCA). It outlines FATCA's goal of ensuring tax compliance for U.S. taxpayers' offshore financial assets and accounts. Key points include: expanded categories of compliant foreign institutions, extended timelines for requirements, and reduced burdens for foreign institutions. FATCA now joins existing disclosure regimes for foreign bank accounts, offshore entities, and specified foreign assets. Implementation of FATCA provisions will take place between 2013-2017.
DeVere Tax Consultancy provides tax services for both UK and US clients, including filing annual tax returns, tax planning, late filing assistance, and bespoke tax reports. They offer specialized expertise in international taxation issues and can help clients remain compliant with changing tax rules regardless of location. Client testimonials praise their ability to reduce taxes and penalties by making disclosures and using advanced planning strategies.
Brexit Broadcast: What we know so far and where is the momentum headingHiFX
2017 headlines have been dominated by the ongoing Brexit process, and the currency markets have been closely watching the developments. While dealing is now taking place in a calmer and more liquid environment than during the initial shock following the vote, Sterling remains weakened and is sensitive to both positive and negative headlines about the negotiations.
As both sides work to reach a deal on the financial settlement, citizens’ rights and the Irish border before the EU Summit on 14th December, we take a look at what’s happened so far and what could happen next.
Police Clearance Certificate declaration provided to show the absence of criminal record in the past activities. PCC attestation used to certify that the person is good or bad. https://bit.ly/2YYLg87
Budget 2014 was announced by the Swedish government on 9 April 2014. The new budget aims at encouraging education to improve the quality of the workforce
Bark & Co is a law firm specializing in complex fraud, serious crime, regulatory litigation, and tax compliance. They have built a reputation for quality representation and responsiveness to client needs. As an original member of the Specialist Fraud Panel, Bark & Co is among the top UK firms defending against criminal and civil fraud, regulatory litigation, money laundering, insider dealing, and cyber crime. Their civil department also specializes in all aspects of HM Customs and Excise investigations including VAT.
As we all know that HMRC tax rules and regulations are very complex and for this purpose, everyone needs advice or guidance of an expert so that you can file your personal tax and self assessment tax return on the given time.
IRS News Wire - Offshore Voluntary Compliance Efforts Top $10BillionStephen Herbert
The Offshore Voluntary Disclosure Program (OVDP) was specifically designed to provide U.S. taxpayers protection from criminal liability due to willful failure to report foreign financial assets and also the conditions for satisfying the civil tax and penalty liabilities with respect to those assets. It can be expected that incremental information will become available to the IRS under FATCA and Foreign Financial Asset Reporting [IRC §6038D] yielding greater influence towards taxpayer compliance.
Being a licensed Customs broker with a national bond posted with the CBSA (Canada Border Service Agency) we take care of Customs clearance nationwide at all Canadian Customs offices using such EDI tools of the CBSA as Accelerated Commercial Release Operational Support.
Tax Compliance Certificate, May 2016 - May 2017tawi123
Tawi Commercial Services Limited has been issued a Tax Compliance Certificate by the Kenya Revenue Authority (KRA). The certificate confirms that Tawi Commercial Services has filed all relevant tax returns and paid any taxes due, as required by law. The certificate is valid for twelve months until May 10, 2017. While issued based on current information, KRA reserves the right to withdraw the certificate if new information shows the recipient is no longer in tax compliance.
Bark & Co is an established London-based law firm with over 50 legal practitioners specializing in business regulation, business fraud, tax, and commercial dispute resolution. The firm offers its national and international corporate and individual clients specialist expertise in these areas from its location in London's legal center. Dedicated specialist teams provide rapid advice and assistance on complex business regulation, tax issues, and conducting all stages of legal proceedings.
Tax may not be the easiest thing on earth to handle but why worry when there is help? Get the latest tax time guide from the IRS website for comprehensive free tax guidelines.
For more: https://www.myirsteam.com/
St. Vincent & Grenadines offshore company incorporation - Slogold ASGSlogold Avia
Incorporating an offshore company and utilizing offshore company services in St. Vincent And Grenadines (SVG). Saint Vincent Offshore Company is ideal for non-residents to establish international business - tax benefits, confidentiality and offshore bank accounts.
China Eases Tax Exemption for E-commerceNair and Co.
The Chinese Finance Ministry (MOF) and the State Administration of Taxation (SAT) have recently published a joint circular announcing easier eligibility requirements for tax exemptions for e-commerce exporters.
This document provides information about Edwin Coe LLP's tax services. It discusses their expertise in advising clients on UK and international tax matters. They assist clients who are under tax investigation or seeking to disclose offshore matters through UK tax amnesty programs. They also provide tax compliance services and advisory services on various tax issues such as inheritance tax, property taxes, and tax planning for non-domiciled individuals and families with global wealth.
This document is a legal guide for doing business in Colombia that was prepared in March 2019. It provides an overview of Colombia's main legal aspects for foreign investors, covering 12 chapters on topics such as foreign investment protection, corporate regulations, tax regime, intellectual property, and accounting regulations for companies. The guide includes information on Colombia's immigration laws and the different types of entry permits available for foreigners, such as visitor permits that allow stays of up to 90 days without needing a visa.
Raj Maruvada presented on reporting requirements for US residents with foreign financial assets and transactions. He discussed that US citizens, residents and those meeting the substantial presence test must report foreign source income, assets held abroad like bank accounts and investments, ownership in foreign businesses, as well as gifts and inheritances from foreign sources. Forms like the FBAR, Form 8938, Form 5471, Form 8865 and Form 3520 must be filed in certain situations to meet these reporting obligations. Noncompliance can result in penalties, so it is recommended that anyone with foreign financial interests consult a tax professional.
FATCA Puts Pressure On Foreign Financial Institutions & TaxpayersJeffrey S. Freeman
The document discusses the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report information to the US government about US account holders or face penalties. It notes that over 100 countries have signed agreements to comply with FATCA and lists important deadlines in 2015 for financial institutions to submit reports. It predicts greater financial transparency worldwide as more jurisdictions sign agreements and information sharing standards develop.
SSG-MUSIC Eftps singers sensatin group irs paymentSHAUN J FEDERICO
This document provides instructions for Singers Sensation Group to enroll in the Electronic Federal Tax Payment System (EFTPS) in order to make federal tax deposits electronically. It informs them that they were enrolled in EFTPS due to their likely tax deposit obligation. It outlines the steps to activate their enrollment over the phone or online, including providing their EIN, PIN, and financial institution information. It also notes the deadline to schedule payments to ensure timely filing and provides customer service contact information for assistance.
The document discusses recent updates from the U.S. Treasury regarding regulations on the Foreign Account Tax Compliance Act (FATCA). It outlines FATCA's goal of ensuring tax compliance for U.S. taxpayers' offshore financial assets and accounts. Key points include: expanded categories of compliant foreign institutions, extended timelines for requirements, and reduced burdens for foreign institutions. FATCA now joins existing disclosure regimes for foreign bank accounts, offshore entities, and specified foreign assets. Implementation of FATCA provisions will take place between 2013-2017.
Tips & How to's about filing taxes with confidence. Answer to your finance troubles. Guidelines for same sex marriage couples, important due dates to be aware of and much more!
National Revenue Minister Diane Lebouthillier announced measures to enhance the Canada Revenue Agency's (CRA) ability to detect international tax evasion. This includes collecting information on international funds transfers over $10,000, examining potential tax evasion across jurisdictions like the Isle of Man, and expanding analysis to other jurisdictions and financial institutions in May 2016. The CRA will also create a special program to audit tax schemes, hire more auditors to increase examinations of high-risk taxpayers from 600 to 3,000 per year, and embed legal counsel in investigation teams to more quickly bring cases to court. An independent advisory committee will provide input to the CRA on strategies to address offshore tax evasion.
In this powerpoint presentation, tax attorney Mike DeBlis discusses the mechanics of FATCA, the ripple effect that this law has had on those with unreported foreign assets, and why it is one of the most controversial laws that no one has ever even heard about.
Www.SchaumburgCPA.Info is an official blog of Manen Kothari CPA. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. One should consult their tax advisor before any of the information contained herewith applied to their individual tax situations. SK Tax Associates, Schaumburgcpa.info, or Manen Kothari cannot be held responsible for any general information stated above.
- The document provides answers to questions about FATCA (Foreign Account Tax Compliance Act) regulations.
- It advises that foreign banks will start reporting US client account information to the IRS annually beginning in 2014, including basic account data and by 2016 more detailed activity information.
- It recommends that clients with undisclosed foreign accounts voluntarily disclose them to avoid potential criminal prosecution, and to consult tax attorneys and CPAs to evaluate compliance options.
The government of Pakistan has announced another tax amnesty package that allows citizens to declare previously undeclared local incomes and foreign currency holdings at reduced penalties. While amnesties may attract some funds, they provide immunity and weaken accountability laws. Past amnesties yielded minimal new tax revenues. For real reform, Pakistan needs to strengthen tax administration and audit functions, and fully utilize agreements with other countries to repatriate illicit wealth offshore.
Great coverage has been given to the treatment of U.S. citizens at foreign financial institutions. Whether the foreign banks want the U.S. clients or not should not deter foreigners from looking to the United States for investment opportunities. Great tax advantages exist for immigrants and foreign investors.
Taxes Without Borders- The Essential Guide for U.S. Residents Living AbroadUSA Expat Taxes
As a U.S. resident living and working abroad, understanding your tax obligations can be a daunting task. Unlike many other countries, the United States imposes a global taxation system, which means that even if you're earning income overseas, you're still required to file and pay taxes to the IRS. However, fear not! This comprehensive guide will equip you with the essential knowledge to navigate the complexities of American tax for U.S. residents living abroad.
Swiss Banks Want You To Know They Care About Your CitizenshipJeffrey S. Freeman
Your Swiss bank made an agreement with the DOJ that requires them to verify that all their U.S. account holders paid taxes on their offshore earnings. The letter goes into an impressive level of detail about why they need to know you are in compliance, but it boils down to they need to protect their own skin and prove that they have provided you notice. Your account information has been shared with the DOJ and you need to make sure that you are current with taxes.
US Expatriate Tax Presentation given in Puerto Vallarta and Melaque Mexico for Americans living there concerning filing FBAR forms, form 8938 and other required IRS foreign reporting forms by Don D. Nelson, Attorney, CPA. His website at www.taxmeless.com has a wealth of additional information
The document provides information about Individual Taxpayer Identification Numbers (ITINs). It states that the IRS issues ITINs to individuals required to file a US tax return who are not eligible for a Social Security Number. To apply for an ITIN, individuals must complete Form W-7 and attach a valid tax return or proof of exception. If approved, the IRS will mail the ITIN within 7 weeks. The document provides guidance on who needs an ITIN, how to apply, and where to get help with the application process.
Skp global expansion_updates_august_2016Partha Pant
The newsletter covers recent employment, tax, and corporate developments globally. Key highlights include South Africa issuing draft guides on a tax disclosure program, Mauritius announcing tax measures in its budget including tax holidays and credits, and Argentina increasing retirement pensions and family allowances by 14.16%. Other areas covered include developments in the Americas, Asia-Pacific, Europe, and Africa regions.
The document discusses IRS tax Form 4868, which allows individuals to request a 6-month extension to file their tax return. Filing Form 4868 does not extend the deadline for paying any taxes owed, but it avoids potential late filing penalties by providing additional time to complete the return. Common reasons for using Form 4868 include needing more time to gather tax documents or needing an extension if residing outside the country. The form can be e-filed to request the extension, and the IRS typically processes it within a few days to provide the new October 15th filing deadline.
FBAR and US Taxes for Expatriates - Intercam Presentation , Ixtapa, MexicoDon Nelson Tax Attorney
- US citizens living abroad, including in Mexico, are required to file US tax returns and report foreign financial accounts over $10,000. Failure to do so can result in penalties.
- There are tax treaties between the US and Mexico to exchange tax information. The IRS is increasing audits of US expatriates due to inaccurate filings. It's important for expats to properly report all foreign income and assets.
- Expats have options if they have not filed previously, including streamlined filing programs. Filing past returns or disclosures without penalties is possible in some cases. Proper filing and documentation is important to avoid audits.
The document provides a financial planning primer for US taxpayers living abroad. It highlights reporting and compliance requirements for US taxpayers under current legislation. It also outlines strategies for saving in a tax efficient manner for retirement. Key points include understanding FATCA global reporting rules, reporting annual income and worldwide assets, and exploring tax treaties and structures like International Pension Plans to maximize tax efficiency and flexibility. Overall the document aims to help US taxpayers living abroad understand their obligations while pursuing wealth accumulation and retirement planning goals.
U.S. taxpayers living abroad have filing requirements regarding their overseas income and financial accounts. They must file annual tax returns reporting worldwide income and may qualify for the foreign earned income exclusion. The foreign tax credit allows taxpayers to claim taxes paid to foreign governments to avoid double taxation. Additionally, taxpayers with over $10,000 in foreign financial accounts must file an FBAR report and may need to report foreign assets on Form 8938 if thresholds are met. Failure to comply with these filing requirements can result in significant penalties.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
1. (855) 935-5945 info@fremantaxlaw.com www.fremantaxlaw.com
OVDP To Stay Open Indefinitely
2. Background On OVDP
The International Revenue Service (IRS)
has provided taxpayers with the ability
to voluntarily disclose accounts and
income that were not properly
reported in the past. This is largely a
result of the Foreign Accounts Tax
Compliance Act (FATCA) which was
passed in 2010 and came into effect
just last year. The law requires foreign
financial institutions to provide more
detailed information about U.S. citizens
who hold accounts or assets overseas.
Since the law has gone into effect, the
IRS has continued to search for
undisclosed income and accounts that
are hidden overseas and is prepared to
levy strict penalties and charges for
those who are in non-compliance.
(855) 935-5945 info@fremantaxlaw.com www.fremantaxlaw.com
3. Disclosing Unreported Accounts
(855) 935-5945 info@fremantaxlaw.com www.fremantaxlaw.com
However, the IRS has also issued an
invitation to any taxpayer who may not be in
compliance with the latest tax laws to
disclose their assets or income held
overseas through one of multiple voluntary
disclosure programs.
Recently, the IRS issued a news release
confirming the focus on taxpayers with
offshore accounts and encouraging
individuals to consider applying for the
Overseas Voluntary Disclosure Program.
This program is specifically designed for
taxpayers who are holding undisclosed
foreign accounts and wish to now disclose
them.
4. Disclosing Unreported Accounts (Cont.)
(855) 935-5945 info@fremantaxlaw.com www.fremantaxlaw.com
The program requires taxpayers to
review the past eight years of tax
history and pay overdue taxes in
full in addition to a 20% penalty on
the full amount owed. There may
also be an additional penalty levied
based on the total of an individual’s
largest offshore account balance up
to 50% or the total account value.
This program is in addition to the
Foreign Streamlined Program,
which is only open to those who
can certify that their failure to
comply was entirely non-willful.
5. The Time Is To Act Now
(855) 935-5945 info@fremantaxlaw.com www.fremantaxlaw.com
According to the news release, the IRS
wants to make it clear that the OVDP
will continue to be open to new
applicants indefinitely. However, this is
not an invitation for taxpayers to
procrastinate necessary disclosures.
The IRS encourages all taxpayers to
bring their financial matters into
compliance as soon as possible and is
actively investigating individuals who
may be guilty of tax avoidance through
overseas accounts.
6. Questions
(855) 935-5945 info@fremantaxlaw.com www.fremantaxlaw.com
If you have questions regarding your tax
compliance situation, you should consult
a tax attorney or professional tax law
firm. The time to act is now while such
disclosure programs are still available.
7. ABOUT FREEMAN TAX LAW
Freeman Tax Law is a boutique tax law firm with
national exposure equipped to handle all domestic
and international tax law matters. At Freeman Tax
Law, the attorneys and professional staff have vast
experience with foreign tax compliance, international
tax planning, and resolving tax controversies
involving offshore banking matters. Freeman Tax
Law helps taxpayers and foreign entities become in
compliance with laws such as Foreign Account Tax
Compliance Act (FATCA) and Offshore Voluntary
Disclosure Program (OVDP). In addition to handling
complex tax controversies, the Freeman Tax Law
team has extensive expertise in assisting clients with
wealth management and estate planning.
8. Our Locations
International
Locations:
Basel, Switzerland
Bern, Switzerland
Geneva, Switzerland
Zurich, Switzerland
Atlanta, Georgia
Austin, Texas
Birmingham, Michigan
Boston, Massachusetts
Charlotte, North Carolina
Chicago, Illinois
Cleveland, Ohio
Dallas, Texas
Denver, Colorado
Greenwich, Connecticut
Houston, Texas
Irvine, California
Las Vegas, Nevada
Los Angeles, California
Miami, Florida
New York, New York
Palo Alto, California
Phoenix, Arizona
Pleasanton, California
San Antonio, Texas
San Diego, California
San Francisco, California
San Jose, California
Short Hills, New Jersey
Tampa, Florida
Washington DC