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U.S. citizens and green-card holders (U.S. Person) are subject to taxes on their worldwide income. Along with this, they also need to comply with certain additional filing requirements to report their foreign accounts, foreign assets and foreign incomes. This reporting is required regardless of whether the U.S. person is living in the United States or...
Recently, the Internal Revenue Service (IRS) issued proposed regulations which would guide U.S. taxpayers who receive gifts or inheritances from specific expatriated individuals (i.e. from certain individuals that gave up their U.S. citizenship). These proposed rules apply to the IRC §877A and §2801, which impose a tax on certain expatriates (expats). Although passed in 2008,...
In August 2013, the Supreme Court announced its decision to the Windsor v. United States Court case recognizing same-sex couples to be treated as married for all federal tax purposes (i.e. income, gift and estate taxes) even if the married couple resides in a state that does not recognize same-sex marriage bringing an end to...
Nothing misses the reach of the Internal Revenue Service (IRS) when it comes to tax filing or reporting – especially if it comes from a foreign source. U.S. taxpayers often assume that only gifts distributed by them need to be reported to the IRS. However, IRS rulings cover foreign gifts received as well, so they...
Other than a few exceptions, the U.S. practices and promotes free trade through the many trade and tax treaties it has signed throughout the years. With the exception of certain specific items, exported goods are subject to very limited or hardly any regulations and thus, as international trade continues to grow, many entrepreneurs are considering...
Many U.S. taxpayers are not fully aware of the foreign account and asset reporting required by the IRS. Two most commonly discussed are the Foreign Bank Account Reporting (FBAR) and Foreign Account Tax Compliance Act (FATCA). We would like to take some time to go over several of the specifics regarding these requirements. The Foreign...
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