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In 2009, the US government began a series of streamlined offshore voluntary disclosure programs (OVDP). These programs were aimed at taxpayers with offshore assets in order to make all, or most, U.S. taxpayers living outside the United States tax-compliant. It was also put in place to prevent tax evasion by taxpayers using offshore accounts. Although...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. are required to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part VI of the series, we will discuss the requirements to...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. are required to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part V of the series, we will discuss the requirements to...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part III of the series, we will discuss the requirements to file...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. are required to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part II of the series, we will discuss the requirements to file the...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part I of the series, we will discuss the requirements to file the FBAR Form 114. I. Foreign Bank and Financial...
Starting a business in the U.S. can be quite a task from registration, choosing a location, to managing initial set-up expenses. The business owner has to prepare for everything. Along with all these initial steps it is also important to be aware of certain income tax points which can be helpful in running a successful...
As the new school year begins, it is important to be aware of student tax savings available to students or parents. The U.S. tax system provides credits or deductions for education expenses paid for post-secondary education. The following is a brief overview of back to school student tax considerations. Young taxpayers in the U.S. should be aware...
Being informed of tax scams is very important for taxpayers in order to protect their assets and avoid financial and taxation problems since information like Social Security Number, Tax Identification Number, and Electronic Filing Identification Numbers (EFINs) are highly confidential, and once leaked it can be very difficult to maintain and provide the same level...
Due to a misunderstanding of the way the Internal Revenue Service treats Canadian RRSPs and RRIFs, many U.S. taxpayers residing in Canada hold a beneficial interest in a Canadian RRSP or RRIF and have failed to file the required annual information returns. They have wrongly assumed that since the Canadian income taxes they paid offset...
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