The document provides answers to questions about reporting foreign financial assets on Form 8938. It explains that specified foreign financial assets that must be reported include foreign bank and brokerage accounts, stocks and securities issued by foreign entities, interests in foreign partnerships and estates, foreign pensions and deferred compensation plans. Assets that do not need to be reported include foreign real estate, currency, social security benefits, tangible personal property, and precious metals. Financial accounts with U.S. institutions are not reported, while those with foreign institutions generally must be.
Lawyer in Vietnam Oliver Massmann New Decree guiding the Law on Investment Wh...Dr. Oliver Massmann
The document summarizes key points from Decree No. 118/2015/ND-CP issued by the Vietnamese government guiding foreign investment law. It outlines new procedures where foreign investors can apply for an investment registration certificate and business registration certificate simultaneously. It also defines investment conditions for foreign investors, including ownership limits and sector restrictions. The decree recognizes precedent where earlier approved foreign investments in uncommitted sectors will not require further ministry approval. It details new deposit requirements for securing investment projects and acquisition registration requirements when foreign ownership in a Vietnamese company reaches certain thresholds.
This document provides an overview of Form 8938 filing requirements. It discusses who must file Form 8938, what types of foreign assets are considered specified foreign financial assets (SFFAs) that must be reported, and some exceptions. Key points include:
- Form 8938 must be filed by U.S. citizens, residents, and some nonresidents who hold specified foreign financial assets above the reporting threshold.
- SFFAs include foreign financial accounts and other foreign assets held for investment, such as stocks, bonds, and interests in foreign entities.
- Assets like personal residences and retirement accounts are usually not considered SFFAs. However, foreign real estate held through a foreign entity must be reported by
Qualified Opportunity Zone ("QOZ") - Real Estate InvestmentMichaelGhirardo
Interested in Qualified Opportunity Zone (“QOZ”) investments? Check out this presentation delivered by Steve Ghirardo from Ghirardo Real Estate and Alaine Bry Raven from First American.
The presentation deck will detail:
-3 Tiers of QOZ Tax Benefits
-Basic Qualifying Requirements of a QOZ
-QOZ’s vs. 1031 Exchanges
-QOZ’s with 1031 Exchanges – creative deal structuring
IDFC Low Duration Fund_Scheme information documentIDFCJUBI
- The IDFC Low Duration Fund is an open-ended low duration debt scheme that invests in debt and money market instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months.
- The objective is to generate optimal returns commensurate with low risk by investing in short-term debt instruments.
- The minimum investment is Rs. 10 per unit and the fund provides daily, weekly, monthly, quarterly or periodic dividend payout and reinvestment options.
This document outlines accounting standards for government grants. It defines government grants as assistance from government entities in cash or kind that are given with certain compliance conditions. Government grants should be recognized as income over the periods necessary to match them with related costs. Grants related to specific assets either reduce the asset value or are treated as deferred income. Grants of a capital nature are credited directly to equity. Refunds of grants are treated as extraordinary items. Disclosures include the accounting policies and nature of grants recognized.
This document discusses financial planning and forecasting. It defines financial planning as a systematic process of determining financial objectives, policies, and procedures related to a firm's estimated financial requirements and financing patterns. Financial forecasting is described as using past financial statements, funds flow statements, ratios, and industry economic conditions to project a firm's future financial condition. Key aspects of financial planning and forecasting include determining objectives, formulating policies, developing procedures, assessing factors that influence financing decisions, and creating pro forma financial statements and cash budgets to estimate future needs and performance.
This document outlines accounting standards for government grants in India. It discusses the recognition and types of government grants, including monetary and non-monetary grants. It also addresses the treatment of monetary grants related to depreciable and non-depreciable fixed assets as well as grants related to revenue. The document concludes by discussing disclosure requirements and significant differences between this standard and IFRS/IAS-20 and US GAAP.
Lawyer in Vietnam Oliver Massmann New Decree guiding the Law on Investment Wh...Dr. Oliver Massmann
The document summarizes key points from Decree No. 118/2015/ND-CP issued by the Vietnamese government guiding foreign investment law. It outlines new procedures where foreign investors can apply for an investment registration certificate and business registration certificate simultaneously. It also defines investment conditions for foreign investors, including ownership limits and sector restrictions. The decree recognizes precedent where earlier approved foreign investments in uncommitted sectors will not require further ministry approval. It details new deposit requirements for securing investment projects and acquisition registration requirements when foreign ownership in a Vietnamese company reaches certain thresholds.
This document provides an overview of Form 8938 filing requirements. It discusses who must file Form 8938, what types of foreign assets are considered specified foreign financial assets (SFFAs) that must be reported, and some exceptions. Key points include:
- Form 8938 must be filed by U.S. citizens, residents, and some nonresidents who hold specified foreign financial assets above the reporting threshold.
- SFFAs include foreign financial accounts and other foreign assets held for investment, such as stocks, bonds, and interests in foreign entities.
- Assets like personal residences and retirement accounts are usually not considered SFFAs. However, foreign real estate held through a foreign entity must be reported by
Qualified Opportunity Zone ("QOZ") - Real Estate InvestmentMichaelGhirardo
Interested in Qualified Opportunity Zone (“QOZ”) investments? Check out this presentation delivered by Steve Ghirardo from Ghirardo Real Estate and Alaine Bry Raven from First American.
The presentation deck will detail:
-3 Tiers of QOZ Tax Benefits
-Basic Qualifying Requirements of a QOZ
-QOZ’s vs. 1031 Exchanges
-QOZ’s with 1031 Exchanges – creative deal structuring
IDFC Low Duration Fund_Scheme information documentIDFCJUBI
- The IDFC Low Duration Fund is an open-ended low duration debt scheme that invests in debt and money market instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months.
- The objective is to generate optimal returns commensurate with low risk by investing in short-term debt instruments.
- The minimum investment is Rs. 10 per unit and the fund provides daily, weekly, monthly, quarterly or periodic dividend payout and reinvestment options.
This document outlines accounting standards for government grants. It defines government grants as assistance from government entities in cash or kind that are given with certain compliance conditions. Government grants should be recognized as income over the periods necessary to match them with related costs. Grants related to specific assets either reduce the asset value or are treated as deferred income. Grants of a capital nature are credited directly to equity. Refunds of grants are treated as extraordinary items. Disclosures include the accounting policies and nature of grants recognized.
This document discusses financial planning and forecasting. It defines financial planning as a systematic process of determining financial objectives, policies, and procedures related to a firm's estimated financial requirements and financing patterns. Financial forecasting is described as using past financial statements, funds flow statements, ratios, and industry economic conditions to project a firm's future financial condition. Key aspects of financial planning and forecasting include determining objectives, formulating policies, developing procedures, assessing factors that influence financing decisions, and creating pro forma financial statements and cash budgets to estimate future needs and performance.
This document outlines accounting standards for government grants in India. It discusses the recognition and types of government grants, including monetary and non-monetary grants. It also addresses the treatment of monetary grants related to depreciable and non-depreciable fixed assets as well as grants related to revenue. The document concludes by discussing disclosure requirements and significant differences between this standard and IFRS/IAS-20 and US GAAP.
Presented by Jon Kutner, hyperWALLET General Counsel, at the 2014 DSA Global Regulatory Conference.
The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
This document outlines accounting standards for classifying and reporting investments. It defines current and long-term investments and discusses how they should be measured and reported. Current investments are intended to be held less than one year and carried at the lower of cost or fair value. Long-term investments are carried at cost, though declines in value other than temporary require reducing the carrying amount. The standard provides guidance on determining investment costs and proceeds from disposals. It also specifies disclosure requirements regarding accounting policies, income/losses from investments, and aggregate amounts of quoted and unquoted investments.
Climate Investor One is an innovative investment platform that provides comprehensive financing for renewable energy projects in emerging markets. It combines three funds to finance projects at different stages - a Development Fund for early support, a Construction Equity Fund for building projects, and a Refinancing Fund for long-term operational debt. By offering a single source of financing from development through operations, Climate Investor One aims to accelerate renewable energy development in emerging markets.
This document discusses accounting for investments according to Accounting Standard 13. It defines investments as assets held to earn income through dividends, interest or rentals. Investments can be classified as long term or current based on holding period, and as variable or fixed earning securities based on nature. Dividend earning securities are recorded at full purchase price including dividends. Dividends received before and after acquisition date are treated differently for accounting purposes. Bonus shares are recorded by increasing share quantity without affecting cost. Rights shares are similarly recorded, and sale of rights is credited to profit and loss.
The FIP is a closed-end mutual fund structure under Brazilian law that allows qualified investors to pool funds for private equity and venture capital projects. At least 90% of a FIP's assets must be invested in stocks, debentures, and other securities of special purpose companies. FIPs are mainly governed by CVM Instruction 391 and can be used for various sectors and tax planning purposes. Notable features include a fixed maturity, different quota classes, and investment limits for pension funds.
This document discusses accounting for investments according to AS 13. It defines key terms like current investments, long term investments, and fair value. It explains that investments are classified as either long term or current. The cost of investments includes acquisition costs and the cost is determined based on the fair value of assets given up in an exchange. Disclosures in financial statements about investments include the accounting policies, income/gains/losses from investments, restrictions, aggregate amounts and market values.
accountants guide to grantor trusts 111714Scott Pohar
The document provides guidance to accountants on tax reporting requirements for grantor trusts. It discusses calculating taxable income for grantor trusts and the differences between accounting and taxable income. It outlines the options for filing tax returns for grantor trusts, including filing Form 1041 or using alternative reporting methods like filing 1099s under the grantor's social security number. It also addresses how to report grantor trust income and expenses on the grantor's individual tax return and discusses tax implications when the grantor dies.
The document discusses accounting standards for investments in India. It covers the meaning and significance of investments, the scope and coverage of the accounting standard, forms of investments, principles and norms for valuation and classification of investments, disclosure requirements, and examples of types of investments held by Indian companies. The key principles are that current investments are carried at fair value and long-term investments at cost, and gains or losses on disposal of investments are recorded in the profit and loss statement.
This document provides answers to frequently asked questions about taxation of income from share trading in India. It discusses that income from intraday trading is considered speculation income and taxed at normal rates, while losses can only be set off against speculation gains. It also summarizes the tax treatment of futures and options income, and clarifies that losses from non-speculation business can be set off against capital gains. Common mistakes like not declaring losses are also outlined.
Capital gains arise from the sale of capital assets like homes, personal property, and investments. The capital gain or loss is the difference between the sale price and the asset's tax basis, which is usually the purchase price. Gains are classified as long-term if the asset was held for over one year, and short-term if held for one year or less. Capital gains are reported on tax forms and may be taxed at lower rates than ordinary income, with some exceptions. Losses from personal-use assets like homes are not deductible. Under certain conditions, gains can be exempt from tax if reinvested in similar assets like another home.
This document appears to be a pricing list for various models of Wiley X eyewear products for the Danish market in 2015. It lists over 70 different eyewear styles/models along with information on whether they are prescription ready, the lens and frame materials, and pricing in Danish Krone. The pricing ranges from 395kr to 1,395kr depending on the model.
Alexander Scharf. He is respected as an honest and experienced businessman who has lived on the Upper West Side of Manhattan for most of his life. He also spends his spare time helping his extended family as Board Member of Jewish Communal, Education, and Good Samaritan Organizations
The document is a case study on the apparel industry that examines the networks and power dynamics within it. It discusses how transnational corporations have the most influence through controlling global production networks. They wield power over governments and consumers, influencing policies and spending patterns. While empowering to corporations, this disempowers workers and smaller businesses. The industry also shapes consumer identities and what clothing is deemed appropriate through advertising and media.
This document is a presentation shared by a member of the NidoKidoS Group to its subscribers and website visitors. It encourages joining the group's online forum and provides contact information to subscribe to the group's email list or visit its website. The document notes that all rights to the presentation content belong to the original authors.
Из нашего нового еженедельного дайджеста вы узнаете:
- Какое будущее ждет мобильную рекламу;
- Посмотрите подборку лучших вирусных роликов первой половины 2015 года;
- Получите 20 инструментов для генерации идей и нейминга;
- Узнаете, как агентство прорекламировалось за счет блоггера Кашина и "Автоваза".
И, как обычно, еще куча всякого прекрасного, великолепного и полезного из мира Digital.
Sistem informasi perusahaan Samsung digunakan untuk mengintegrasikan seluruh unit bisnis dan memberikan informasi kepada eksekutif. Sistem ini mendukung pengambilan keputusan manajemen dan penyebaran informasi ke seluruh organisasi. Samsung telah berkembang dari perusahaan ekspor kecil menjadi salah satu perusahaan elektronik terbesar di dunia dengan berfokus pada semikonduktor, memori, dan sistem terintegrasi.
Termite Services is not a easy task. In ideal situations typical pests such as insects, rodents, and the like won't even be in our living quarters at all. For more detail call us now! - 828-245-2669
Come to Us to Reach the best property solutions at Sydney Property Valuers in your budget price.We provide Mortgage,Insurance as well as Good Services to accomplish the goal.
The document traces the evolution of museums from private collections of the wealthy to institutions open to the public. It notes key developments like the Ashmolean Museum opening to the public in 1683, the British Museum Act of 1753 allowing the British Museum to open to the public, and Diderot suggesting a national museum for France in 1765. It then discusses how technology and the internet have made museums more accessible through digital collections, interactive exhibits, and crowdsourced participation.
This document contains the curriculum vitae of Ristanto. It includes his personal details such as name, date of birth, address and contact information. It also outlines his educational qualifications including graduating from Mechanical Engineering at University of Indonesia in 2004. His work experience as a Packaging Specialist, Packaging Designer, Finishing Improvement Supervisor and Finishing Operation Supervisor at various companies is described along with his roles, responsibilities and achievements in each position. His skills in areas such as engineering, computer applications, process engineering and management are also highlighted.
Presented by Jon Kutner, hyperWALLET General Counsel, at the 2014 DSA Global Regulatory Conference.
The Foreign Accounts Tax Compliance Act (FATCA) should be on the radar screen of every DSA member company. This presentation will begin with a background on the legislation and how it is being implemented globally, followed by a summary of how the FATCA rules interact with Section 1441/Non-resident alien withholding rules affecting DSOs paying distributors in foreign countries. The presentation will also cover FATCA issues affecting DSOs with business entities in foreign countries, and provide some suggestions for multinationals to prepare for FATCA due diligence requests from their foreign financial institutions.
This document outlines accounting standards for classifying and reporting investments. It defines current and long-term investments and discusses how they should be measured and reported. Current investments are intended to be held less than one year and carried at the lower of cost or fair value. Long-term investments are carried at cost, though declines in value other than temporary require reducing the carrying amount. The standard provides guidance on determining investment costs and proceeds from disposals. It also specifies disclosure requirements regarding accounting policies, income/losses from investments, and aggregate amounts of quoted and unquoted investments.
Climate Investor One is an innovative investment platform that provides comprehensive financing for renewable energy projects in emerging markets. It combines three funds to finance projects at different stages - a Development Fund for early support, a Construction Equity Fund for building projects, and a Refinancing Fund for long-term operational debt. By offering a single source of financing from development through operations, Climate Investor One aims to accelerate renewable energy development in emerging markets.
This document discusses accounting for investments according to Accounting Standard 13. It defines investments as assets held to earn income through dividends, interest or rentals. Investments can be classified as long term or current based on holding period, and as variable or fixed earning securities based on nature. Dividend earning securities are recorded at full purchase price including dividends. Dividends received before and after acquisition date are treated differently for accounting purposes. Bonus shares are recorded by increasing share quantity without affecting cost. Rights shares are similarly recorded, and sale of rights is credited to profit and loss.
The FIP is a closed-end mutual fund structure under Brazilian law that allows qualified investors to pool funds for private equity and venture capital projects. At least 90% of a FIP's assets must be invested in stocks, debentures, and other securities of special purpose companies. FIPs are mainly governed by CVM Instruction 391 and can be used for various sectors and tax planning purposes. Notable features include a fixed maturity, different quota classes, and investment limits for pension funds.
This document discusses accounting for investments according to AS 13. It defines key terms like current investments, long term investments, and fair value. It explains that investments are classified as either long term or current. The cost of investments includes acquisition costs and the cost is determined based on the fair value of assets given up in an exchange. Disclosures in financial statements about investments include the accounting policies, income/gains/losses from investments, restrictions, aggregate amounts and market values.
accountants guide to grantor trusts 111714Scott Pohar
The document provides guidance to accountants on tax reporting requirements for grantor trusts. It discusses calculating taxable income for grantor trusts and the differences between accounting and taxable income. It outlines the options for filing tax returns for grantor trusts, including filing Form 1041 or using alternative reporting methods like filing 1099s under the grantor's social security number. It also addresses how to report grantor trust income and expenses on the grantor's individual tax return and discusses tax implications when the grantor dies.
The document discusses accounting standards for investments in India. It covers the meaning and significance of investments, the scope and coverage of the accounting standard, forms of investments, principles and norms for valuation and classification of investments, disclosure requirements, and examples of types of investments held by Indian companies. The key principles are that current investments are carried at fair value and long-term investments at cost, and gains or losses on disposal of investments are recorded in the profit and loss statement.
This document provides answers to frequently asked questions about taxation of income from share trading in India. It discusses that income from intraday trading is considered speculation income and taxed at normal rates, while losses can only be set off against speculation gains. It also summarizes the tax treatment of futures and options income, and clarifies that losses from non-speculation business can be set off against capital gains. Common mistakes like not declaring losses are also outlined.
Capital gains arise from the sale of capital assets like homes, personal property, and investments. The capital gain or loss is the difference between the sale price and the asset's tax basis, which is usually the purchase price. Gains are classified as long-term if the asset was held for over one year, and short-term if held for one year or less. Capital gains are reported on tax forms and may be taxed at lower rates than ordinary income, with some exceptions. Losses from personal-use assets like homes are not deductible. Under certain conditions, gains can be exempt from tax if reinvested in similar assets like another home.
This document appears to be a pricing list for various models of Wiley X eyewear products for the Danish market in 2015. It lists over 70 different eyewear styles/models along with information on whether they are prescription ready, the lens and frame materials, and pricing in Danish Krone. The pricing ranges from 395kr to 1,395kr depending on the model.
Alexander Scharf. He is respected as an honest and experienced businessman who has lived on the Upper West Side of Manhattan for most of his life. He also spends his spare time helping his extended family as Board Member of Jewish Communal, Education, and Good Samaritan Organizations
The document is a case study on the apparel industry that examines the networks and power dynamics within it. It discusses how transnational corporations have the most influence through controlling global production networks. They wield power over governments and consumers, influencing policies and spending patterns. While empowering to corporations, this disempowers workers and smaller businesses. The industry also shapes consumer identities and what clothing is deemed appropriate through advertising and media.
This document is a presentation shared by a member of the NidoKidoS Group to its subscribers and website visitors. It encourages joining the group's online forum and provides contact information to subscribe to the group's email list or visit its website. The document notes that all rights to the presentation content belong to the original authors.
Из нашего нового еженедельного дайджеста вы узнаете:
- Какое будущее ждет мобильную рекламу;
- Посмотрите подборку лучших вирусных роликов первой половины 2015 года;
- Получите 20 инструментов для генерации идей и нейминга;
- Узнаете, как агентство прорекламировалось за счет блоггера Кашина и "Автоваза".
И, как обычно, еще куча всякого прекрасного, великолепного и полезного из мира Digital.
Sistem informasi perusahaan Samsung digunakan untuk mengintegrasikan seluruh unit bisnis dan memberikan informasi kepada eksekutif. Sistem ini mendukung pengambilan keputusan manajemen dan penyebaran informasi ke seluruh organisasi. Samsung telah berkembang dari perusahaan ekspor kecil menjadi salah satu perusahaan elektronik terbesar di dunia dengan berfokus pada semikonduktor, memori, dan sistem terintegrasi.
Termite Services is not a easy task. In ideal situations typical pests such as insects, rodents, and the like won't even be in our living quarters at all. For more detail call us now! - 828-245-2669
Come to Us to Reach the best property solutions at Sydney Property Valuers in your budget price.We provide Mortgage,Insurance as well as Good Services to accomplish the goal.
The document traces the evolution of museums from private collections of the wealthy to institutions open to the public. It notes key developments like the Ashmolean Museum opening to the public in 1683, the British Museum Act of 1753 allowing the British Museum to open to the public, and Diderot suggesting a national museum for France in 1765. It then discusses how technology and the internet have made museums more accessible through digital collections, interactive exhibits, and crowdsourced participation.
This document contains the curriculum vitae of Ristanto. It includes his personal details such as name, date of birth, address and contact information. It also outlines his educational qualifications including graduating from Mechanical Engineering at University of Indonesia in 2004. His work experience as a Packaging Specialist, Packaging Designer, Finishing Improvement Supervisor and Finishing Operation Supervisor at various companies is described along with his roles, responsibilities and achievements in each position. His skills in areas such as engineering, computer applications, process engineering and management are also highlighted.
Sandeep Reddy's resume summarizes his education and work experience in the hospitality industry. He has a Bachelor's degree in Hotel Management and has worked in various roles, including at JW Marriott Bengaluru and Taj Vivanta Goa. His experience includes working in core hotel departments as well as for outdoor catering events. He is proficient in English, Hindi, Kannada, and Telugu and has strong Microsoft Office and IT skills.
Sarah Perry is a recent high school graduate seeking a new position. She completed Year 12 at Upper Coomera State College in 2014 with qualifications in English, Maths, Dance, Catering, Information Technology, and Drama. Perry has 1.5 years of experience as a retail assistant at Chemist Warehouse and is CPR and IT certified. She is a polite, well-mannered young lady who works well independently and as part of a team.
Drive is a cloud storage service from Google that provides 15GB of free storage. It allows users to store any type of file in one safe place and access those files from any device. Users can upload files from their computer or mobile device to Drive. They can also share files and folders with others and collaborate on documents in real-time. Drive keeps all your important files organized in one place so they are accessible from anywhere.
This document discusses U.S. reporting requirements for foreign financial assets and other foreign assets. It covers the Foreign Bank Account Report (FBAR) and IRS Form 8938, which are used to report foreign financial accounts and other foreign financial assets respectively. The document provides details on the types of foreign assets that are reportable, the entities subject to reporting, filing thresholds, deadlines, and penalties for noncompliance. It also mentions some other forms used for reporting other types of foreign assets like foreign trusts, retirement accounts, and business entities.
Understanding US Expat - A Presentation to IFS AdvisorsDerren Joseph
This document provides an overview and summary of key issues relating to US expats. It introduces Derren Joseph, the presenter, and his qualifications. It then outlines the key points to be covered:
- Defining who is a US person for tax purposes, including citizens, permanent residents, and substantial presence tests.
- Distinguishing between citizenship-based and residency-based taxation and how this impacts expats.
- Highlighting issues with non-qualified insurance policies, PFICs, FBAR reporting requirements, and FATCA compliance for expats holding foreign financial accounts or assets.
- Providing brief summaries of the tax treatment and reporting obligations for these key areas that most impact
This document discusses the reporting requirements for foreign financial accounts and assets for individuals under the Bank Secrecy Act (FBAR) and the Foreign Account Tax Compliance Act (Form 8938). It explains that individuals must file an FBAR if they have a financial interest in or signature authority over foreign accounts totaling over $10,000 at any time during the year. Form 8938 must be filed if the aggregate value of foreign financial assets exceeds the reporting threshold. Failure to comply can result in civil and criminal penalties.
This document provides instructions for Form W-8BEN, which is used by individuals to establish foreign status for U.S. tax purposes and claim tax treaty benefits. Key points include:
- Form W-8BEN is used by individuals to document foreign status and claim tax treaty benefits to avoid 30% withholding on U.S. source income like interest, dividends, and royalties.
- The form has been updated to reflect new FATCA requirements for foreign financial institutions to identify U.S. account holders and comply with new information reporting and withholding rules.
- Individuals must provide the form to withholding agents to avoid being subject to 30% withholding or being classified as a
This document is an IRS Form W-9 used to request a taxpayer's identification number and certification. It provides instructions for individuals and entities to give accurate identifying information to persons making certain payments to help the requester comply with tax reporting obligations. Key details include:
- Lines are provided to enter the taxpayer's name, business name if different, and tax classification.
- Part I requests the taxpayer's identification number, either a Social Security Number for individuals or an Employer Identification Number for entities.
- By signing Part II, the taxpayer certifies their information is correct and whether they are subject to backup withholding.
- Additional pages provide general instructions, definitions of terms like U.S. person,
Raj Maruvada presented on reporting requirements for US residents regarding foreign income, assets, transactions, gifts and inheritances. Key points discussed included:
1) US citizens, residents and those meeting the substantial presence test may need to report foreign source income, financial accounts over $10,000, ownership in foreign businesses over 10%, and gifts or inheritances from foreign entities.
2) Common forms used are the FBAR for foreign accounts, Form 8938 for specified foreign financial assets, Form 5471 for foreign business ownership, and Form 3520 for foreign gifts or inheritances.
3) Failure to properly report can result in penalties, but consulting a tax professional can help ensure all requirements are met.
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.
This document is the IRS Form W-9, which requests a taxpayer's identification number and certification. It is used by persons making certain payments to verify a payee's name, taxpayer identification number, and status to avoid backup withholding. The form provides instructions on completing the form, definitions of key terms like U.S. person, and explains backup withholding requirements.
The document provides an overview and update on international taxation rules for cross-border transactions. It discusses key concepts like controlled foreign corporations, foreign tax credits, FACTA requirements, and filing requirements for outbound and inbound international transactions. Failure to comply with foreign reporting rules can result in civil and in some cases criminal penalties. The presentation aims to help people understand and properly adhere to the complex IRS regulations for international tax compliance.
Form W-8BEN is a certificate of foreign status used by foreign individuals and entities to claim tax treaty benefits or exemption from backup withholding. It requires providing identification information about the beneficial owner including name, address, country of residence, and tax identification numbers. The form certifies that the beneficial owner is a foreign person and is used to document the tax status of income received from U.S. sources and claim reduced withholding tax rates under an applicable tax treaty.
This document is the Form W-8BEN, which is used by foreign individuals and entities to certify their foreign status for U.S. tax withholding purposes. The form includes sections for identifying the beneficial owner, claiming tax treaty benefits if applicable, certifying the owner's foreign status, and authorizing the form to be provided to withholding agents. Key information the form requests includes the owner's name, address, country of residence or incorporation, tax identification numbers, and certification of items including not being a U.S. person and the income not being effectively connected to a U.S. trade or business.
This document is the Form W-8BEN, which is used by foreign individuals and entities to certify their foreign status for U.S. tax withholding purposes. The form includes sections for identifying the beneficial owner, claiming tax treaty benefits if applicable, certifying the owner's foreign status, and authorizing the form to be provided to withholding agents. Key information the form requests includes the owner's name, address, country of residence or incorporation, tax identification numbers, and certification of foreign status and eligibility for reduced tax treaty withholding rates.
- The portfolio report provides a summary of the account holder's investment holdings as of March 31, 2015, including current and prior month values and performance metrics. The portfolio is comprised primarily of stocks (96.1%) with a current total value of $185.87.
- During the reporting period, the overall portfolio value decreased by $172.53 or 48.1% from the prior month. This was largely driven by a $356.87 decrease in the value of mutual funds held.
- Cash activity for the period included $240.57 in securities purchased and $357.08 in securities sold, resulting in a closing cash balance of -$7.92. Dividend income of $1.
1. The document provides information about account statements for TD Ameritrade clients, including details on portfolio reports, account activity summaries, cash services transactions, and positions held.
2. Key sections of the portfolio report are summarized, including summaries of the portfolio value, asset allocation, account activity, income and expenses, and performance metrics.
3. Important disclosures are provided regarding account protection, tax reporting, cost basis reporting, margin agreements, and current security valuations.
- The portfolio report provides a summary of the account holder's investment holdings as of March 31, 2015, including current and prior month values and performance metrics. The portfolio is comprised primarily of stocks (96.1%) with a current total value of $185.87.
- During the reporting period, the overall portfolio value decreased by $172.53 or 48.1% compared to the prior month. This was largely driven by a $356.87 decrease in the value of mutual funds held.
- Cash activity for the period included $240.57 of securities purchased and $357.08 sold, resulting in a closing cash balance of -$7.92. Dividend income of $1.12 was
- The portfolio report provides a summary of the account holder's investment holdings as of March 31, 2015, including current and prior month values and performance metrics. The portfolio is comprised primarily of stocks (96.1%) with a current total value of $185.87.
- During the reporting period, the overall portfolio value decreased by $172.53 or 48.1% compared to the prior month. This was largely driven by a $356.87 decrease in the value of mutual funds held.
- Cash activity for the period included $240.57 of securities purchased and $357.08 sold, resulting in a closing cash balance of -$7.92. Dividend income of $1.12 was
1. The Form W-9 is a request for a taxpayer's identification number and certification. It is used by individuals and entities to provide their correct taxpayer identification number to persons making requests.
2. The form requires basic identification information such as name, address, and taxpayer identification number. It also requires the taxpayer to certify that they are a U.S. person and are not subject to backup withholding.
3. Failure to provide a correct taxpayer identification number can result in penalties. Providing false information can also result in civil or criminal penalties.
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.
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Q & answers on FATA
1. Q1. What are the specified foreign financial assets that I need to report on Form 8938?
If you are required to file Form 8938, you must report your financial accounts maintained by a
foreign financial institution. Examples of financial accounts include:
Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
And, to the extent held for investment and not held in a financial account, you must report stock
or securities issued by someone who is not a U.S. person, any other interest in a foreign entity,
and any financial instrument or contract held for investment with an issuer or counterparty that is
not a U.S. person. Examples of these assets that must be reported if not held in an account
include:
Stock or securities issued by a foreign corporation;
A note, bond or debenture issued by a foreign person;
An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor,
commodity swap, equity swap, equity index swap, credit default swap or similar
agreement with a foreign counterparty;
An option or other derivative instrument with respect to any of these examples or with
respect to any currency or commodity that is entered into with a foreign counterparty or
issuer;
A partnership interest in a foreign partnership;
An interest in a foreign retirement plan or deferred compensation plan;
An interest in a foreign estate;
Any interest in a foreign-issued insurance contract or annuity with a cash-surrender
value.
The examples listed above do not comprise an exclusive list of assets required to be reported.
Q2. I am a U.S. taxpayer but am not required to file an income tax return. Do I need to file
Form 8938?
Taxpayers who are not required to file an income tax return are not required to file Form 8938.
Q3. Does foreign real estate needto be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form
8938. For example, a personal residence or a rental property does not have to be reported.
If the real estate is held through a foreign entity, such as a corporation, partnership, trust or
estate, then the interest in the entity is a specified foreign financial asset that is reported on Form
8938, if the total value of all your specified foreign financial assets is greater than the reporting
threshold that applies to you. The value of the real estate held by the entity is taken into account
in determining the value of the interest in the entity to be reported on Form 8938, but the real
estate itself is not separately reported on Form 8938.
2. Q4. I directly hold foreign currency (that is, the currency isn't in a financial account). Do I
need to report this on Form 8938?
Foreign currency is not a specified foreign financial asset and is not reportable on Form 8938.
Q5. I am a beneficiary of a foreign estate. Do I need to report my interest in a foreign
estate on Form 8938?
Generally, an interest in a foreign estate is a specified foreign financial asset that is reportable
on Form 8938 if the total value of all of your specified foreign financial assets is greater than
the reporting threshold that applies to you.
Q6. I acquired or inherited foreign stock or securities, such as bonds. Do I need to report
these on Form 8938?
Foreign stock or securities, if you hold them outside of a financial account, must be reported
on Form 8938, provided the value of your specified foreign financial assets is greater than the
reporting threshold that applies to you. If you hold foreign stock or securities inside of a
financial account, you do not report the stock or securities on Form 8938. For more information
regarding the reporting of the holdings of financial accounts, see FAQs 8 and 9.
Q7. I directly hold shares of a U.S. mutual fund that owns foreign stocks and securities. Do
I need to report the shares of the U.S. mutual fund or the stocks and securities held by the
mutual fund on Form 8938?
If you directly hold shares of a U.S. mutual fund you do not need to report the mutual fund or the
holdings of the mutual fund.
Q8. I have a financial account maintained by a U.S. financial institution (including U.S.
mutual funds, IRAs and 401(K) Plans) that holds foreign stock and securities. Do I need to
report the financial account or its holdings?
You do not need to report a financial account maintained by a U.S. financial institution or its
holdings. Examples of financial accounts maintained by U.S. financial institutions include:
U.S. Mutual fund accounts
IRAs (traditional or Roth)
401 (k) retirement plans
Qualified U.S. retirement plans
Brokerage accounts maintained by U.S. financial institutions
Q9. I have a financial account maintained by a foreign financial institution that holds
investment assets. Do I need to report the financial account if all or any of the investment
assets inthe account are stock, securities, or mutual funds issued by a U.S. person?
3. If you have a financial account maintained by a foreign financial institution and the value of your
specified foreign financial assets is greater than the reporting threshold that applies to you, you
need to report the account on Form 8938. A foreign account is a specified foreign financial asset
even if its contents include, in whole or in part, investment assets issued by a U.S. person. You
do not need to separately report the assets of a financial account on Form 8938, whether or not
the assets are issued by a U.S. person or non-U.S. person.
Q10. I have a financial account with a U.S. branch of a foreign financial institution. Do I
need to report this account on Form 8938?
A financial account, such as a depository, custodial or retirement account, at a U.S. branch of a
foreign financial institution is an exception to the general rule that a financial account maintained
by a foreign financial institution is specified foreign financial asset. A financial account
maintained by a U.S. branch or U.S. affiliate of a foreign financial institution does not have to be
reported on Form 8938 and any specified foreign financial assets in that account also do not have
to be reported.
Q11. I own foreign stocks and securities through a foreign branch of a U.S.-based financial
institution. Do I need to report these on Form 8938?
If a financial account, such as a depository, custodial or retirement account, is held through a
foreign branch or foreign affiliate of a U.S.-based financial institution, the foreign account is not
a specified foreign financial asset and is not required to be reported on Form 8938
Q12. I have an interest in a foreign pension or deferred compensation plan. Do I need to
report it on Form 8938?
If you have an interest in a foreign pension or deferred compensation plan, you have to report
this interest on Form 8938 if the value of your specified foreign financial assets is greater than
the reporting threshold that applies to you.
Q13. How do I value my interest in a foreign pension or deferred compensation plan for
purposes of reporting this on Form 8938?
In general, the value of your interest in the foreign pension plan or deferred compensation plan is
the fair market value of your beneficial interest in the plan on the last day of the year. However,
if you do not know or have reason to know based on readily accessible information the fair
market value of your beneficial interest in the pension or deferred compensation plan on the last
day of the year, the maximum value is the value of the cash and/or other property distributed to
you during the year. This same value is used in determining whether you have met your
reporting threshold.
If you do not know or have reason to know based on readily accessible information the fair
market value of your beneficial interest in the pension plan or deferred compensation plan on the
last day of the year and you did not receive any distributions from the plan, the value of your
interest in the plan is zero. In this circumstance, you should also use a value of zero for the plan
4. in determining whether you have met your reporting threshold. If you have met the reporting
threshold and are required to file Form 8938, you should report the plan and indicate that its
maximum is zero.
Q14. I am a U.S. taxpayer and have earned a right to foreign social security. Do I need to
report this on Form 8938?
Payments or the rights to receive the foreign equivalent of social security, social insurance
benefits or another similar program of a foreign government are not specified foreign financial
assets and are not reportable.
Q15. If I have to file Form 8938, am I required to report all of my specified foreign
financial assets regardless of whether the assets have a de miminis maximum value during
the tax year?
If you meet the applicable reporting threshold, you must report all of your specified foreign
financial assets, including the specified foreign financial assets that have a de minimis maximum
value during the tax year. For exceptions to reporting, see Exceptions to Reporting on page 6 of
the instructions for Form 8938.
Q16. I filed my income tax return but now realize that I should have filed Form 8938 with
my return, what should I do?
If you omitted Form 8938 when you filed your income tax return, you should file Form 1040X,
Amended U.S. Individual Income Tax Return, with your Form 8938 attached.
Q17. Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and
Financial Accounts (FBAR)?
The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you
are otherwise required to do so, and vice-versa. Depending on your situation, you may be
required to file Form 8938 or the FBAR or both forms, and certain foreign accounts may be
required to be reported on both forms.
Q18. I have numerous specified foreign financial assets to report on Form 8938. Is there a
continuation sheet for the Form 8938?
If you have more than one account or asset to report in Part I or Part II of Form 8938, or more
than one issuer or counterparty to report in Part II of Form 8938, copy as many blank Parts I
and/or II as you need to complete, and attach them to Form 8938. Check the “If you have
attached additional sheets, check here” box at the top of Form 8938.
Q19. I directly hold tangible assets forinvestment, such as art, antiques, jewelry, cars and
other collectibles, in a foreign country. Do I need to report these assets onForm 8938?
5. No. Directly held tangible assets, such as art, antiques, jewelry, cars and other collectibles, are
not specified foreign financial assets.
Q20. I directly hold precious metals for investment, such as gold, in a foreign country. Do
I need to report these assets onForm 8938?
No. Directly held precious metals, such as gold, are not specified foreign financial assets. Note,
however, that gold certificates issued by a foreign person may be a specified foreign financial
asset that you would have to report on Form 8938, if the total value of all your specified foreign
financial assets is greater than the reporting threshold that applies to you.
Q21. This tax year I sold precious metals that I held for investment to a foreign
person. Do I have to report the sales contract on Form 8938?
The contract with the foreign person to sell assets held for investment is a specified foreign
financial asset investment asset that you have to report on Form 8938, if the total value of all
your specified foreign financial assets is greater than the reporting threshold that applies to you.
Q22. I have a safe deposit box at a foreign financial institution. Is the safe deposit box
itself considered to a financial account?
No, a safe deposit box is not a financial account.
Q23. Am I required to hire a certified appraiser or actuary to determine the fair market
value of a specified foreign financial asset? For example, if I have a foreign defined benefit
plan, am I required to obtain the services of an actuary?
You may determine the fair market value of a foreign financial account for the purpose of
reporting its maximum value based on periodic account statements unless you have reason to
know that the statements do not reflect a reasonable estimate of the maximum value of the
account during the tax year. For a specified foreign financial asset not held in a financial
account, you may determine the fair market value of the asset for the purpose of reporting its
maximum value based on information publicly available from reliable financial information
sources or from other verifiable sources. Even if there is no information from a reliable financial
information source or other verifiable source, you do not need to obtain an appraisal by a third
party in order to reasonably estimate the asset’s maximum value during the tax year.
Page Last Reviewed or Updated: 10-Jan-2014