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The IRS Gives U.S. Expats a Breather on 2015 Deadline
Everyone knows the infamous April 15th deadline for US calendar year taxpayers. Failure to pay and file by this deadline can result in filing and payment penalties. But if you are a US citizen or resident alien that resides in a foreign country on the April 15th due...
IRS Gives Expats Double-Whammy On Filing Taxes
If you are one of the millions of expat Americans filing taxes in 2015, expect more complications, given two announcements recently made by the IRS. The Foreign Account Tax Compliance Act has gone live with its International Data Exchange Service sending its first...
The U.S. Exit Tax & Renouncing Citizenship
If you renounce your US Citizenship you must face the “Exit tax”, It is probably one of the most misunderstood U.S. tax on individuals—the “Exit Tax” Americans have to pay when they give up their U.S. citizenship. In the past, the U.S. Exit Tax was imposed on an...
FATCA in Gibraltar –The End Of The Beginning Or The Beginning Of The End?
With apologies to Winston Churchill, however the financial landscape in terms of financial disclosure and the reporting of overseas assets has been turned on its head. Throughout 2013 tax authorities across the world have been falling over themselves to sign up to new...
IRS Makes Changes to Offshore Programs
The current Offshore Voluntary Disclosure Program was launched in 2012 and is the successor to prior voluntary programs offered in 2011 and 2009. Since the launch of the first program, more than 45,000 taxpayers have come into compliance voluntarily, paying about $6.5...
Publicado el Acuerdo entre España y los EEUU para la mejora del cumplimiento fiscal internacional y la implementación de la FATCA
En el BOE del 1 de julio de 2014, se ha publicado el Acuerdo entre el Reino de España los Estados Unidos de América para la mejora del cumplimiento fiscal internacional y la implementación de la Foreign Account Tax Compliance Act - FATCA (Ley de cumplimiento...
“Why I’m Giving Up My Passport “
Worth reading this article from the NYT, written Jonathan Tepper... with all expats’ arguments and complaints that I have heard during the last cople of years. LONDON — The mayor of London, Boris Johnson, who was born in New York and holds both American and British...
June 30, 2015: Deadline for disclosing US pensions without incurring penalties
If you know of any Spaniards or Americans living in Spain who receive a pension from the United States, whether public or private, or social security benefits which have not been declared annually on the Spanish Income Tax (IRPF), suggest that they file an amended...
US Taxes for 2014, the compromise: ATRA of 2012
On January 2, 2013 President Barack Obama signed into law the American Taxpayer Relief Act of 2012 (ATRA). Passage of this Act averted the so-called “fiscal cliff” and made “permanent” changes to the tax code. As with all Congressional legislation, however, no change...
Si cotizas como autónomo, por ser socio de una SL…
Si eres socio o administrador de una empresa, cotizas como autónomo y desarrollas para ésta una actividad profesional, a partir de 2015 deberás empezar a facturar... en vez de como hasta ahora en que la empresa te entregaba mensualmente una nómina, y al final del año...
Regularice la pensión que recibe de Estados Unidos, hasta el 30 de junio de 2015.
Si conoce algún español o estadounidense, residente en España, que perciba una pensión de Estados Unidos, ya sea pública, privada o de la Seguridad Social y que no la haya declarado anualmente en su IRPF, infórmele que podrá presentar una declaración complementaria...
FATCA’s Bleak Choices for Accounts, Income, Disclosure
By Robert W Wood - FORBES Is any offshore income, account or trust still secret? The only safe assumption is no. And contrary to public opinion, it is not merely a prospective problem. Many equate the question solely to FATCA, the pervasive U.S. law enacted in 2010...
10 Facts about FATCA, America’s Manifest Destiny Law Changing Banking Worldwide
By Robert W Wood - FORBES Never heard of FATCA? You will. FATCA—the Foreign Account Tax Compliance Act—is America’s global tax law. It was quietly enacted in 2010, and after a four-year ramp up, it’s finally in effect. What is most amazing is not its impact on...
What To Say When (Not If) Your Offshore Bank Asks, ‘Are You Compliant With IRS?’
More than 7 million Americans live abroad, and most have bank accounts there. Many other Americans have overseas bank accounts too. Most are receiving letters from their banks about their American status. Please provide your U.S. tax ID and verify that you are fully...
Five Reasons to Start Reporting Your Foreign Bank Accounts
Five Reasons to Start Reporting Your Foreign Bank Accounts U.S. citizens who have neglected to report foreign accounts they own or have signing authority over may be facing stiff penalties. Many of my clients want to comply with this policy but have concerns about the...
FATCA presses on making criminals out of ordinary citizens…
FATCA Forces Criminal Patterns Of Behavior Since the FATCA regulations took effect July 1 of this year, it’s been getting harder and harder to carry out financial transactions around the world, and I’d say we’re only at the bottom of this hill. As these onerous...
Expatriate Americans are renouncing U.S. citizenship in record volumes
Expatriate Americans are renouncing U.S. citizenship in record volumes because of increasingly onerous tax-filing requirements—and the number doing so is likely to continue rising. Around 6.32 million Americans (excluding military) live abroad—about as many as who...
I.R.S. Eases Some Rules for Taxpayers Overseas
Facing criticism that its crackdown on overseas tax cheats had disproportionately hurt small taxpayers guilty of innocent oversights, the Internal Revenue Service said it would revise its rules, lowering or eliminating some fines while tightening other requirements....
Important notice Form 114, Report of Foreign Bank and Financial Accounts deadline is June 30th
As a reminder, taxpayers that are required to report foreign bank and financial accounts must file Form 114 electronically by June 30th, and the returns must be either Accepted or Accepted with Errors by midnight, June 30th. We strongly recommend that 114 returns be...
IRS Announces Easing Of FATCA Enforcement For 2014 And 2015
On May 2, 2014, the IRS issued an advance copy of Notice 2014-33 (the "Notice"). The Notice relates to the Foreign Account Tax Compliance Act ("FATCA"), which targets U.S. taxpayers' offshore financial interests through increased reporting requirements imposed on...
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