On September 27th, the Trump Administration, along with the House Ways and Means Committee and the Senate Committee on Finance released a unified framework for fixing our tax system.
In accordance with President Trump’s executive order calling on agencies to ease up on ACA (Obamacare) regulations, the IRS made changes whereby it will not reject a 2016 tax return for processing just because the taxpayer does not indicate their coverage status in Box 61.
By now, you’re probably familiar with FATCA… similar to the OECD’s Common Reporting Standards (CRS),
The IRS has issued sweeping changes to the way U.S. taxpayers are required to report interest in foreign bank accounts. Although taxpayers were always required to report and pay taxes on income earned in foreign accounts, not until recently did the IRS along with other government agencies step up enforcement to eliminate attempts to avoid paying taxes.
Does your foreign company sell products online to American customers? Are you interested in accepting payment in US dollars? If so, it may interest you to learn that to do so you must establish a US based entity which can accept the payments through a US bank account.
Does your company contract with the U.S government? Are you foreign owned? If so, it may interest you to learn that the U.S. government follows a policy of Buying American. This means that whatever you sell to the government needs to be sold by a U.S. company.
Starting a business in the US can be a rewarding experience for many. However, there are a lot of items to consider and issues to be aware of before you open your doors. The good news is that foreign nationals are able to create and open a US business as quickly and easily as Americans.
IRS Streamlined Offshore Account Compliance Program – Taxpayer Residing Outside of the U.S. Perspective
As we previously discussed, the IRS has made some changes to their streamlined offshore compliance program. The most significant change was that U.S. taxpayers that reside in the U.S. are eligible to participate, see the previous blog for more detail.
In recent years, the IRS, Department of Treasury, and other U.S. regulatory agencies have focused on implementing/enforcing reporting programs to ensure U.S. citizens with foreign income are submitting proper reports to the IRS. One of the reports, the Report of Foreign Bank and Financial Accounts (FBAR) is required to be submitted to the Department of Treasury by June 30, 2015.
The IRS has recently made some changes to their streamlined offshore compliance program. These changes allow, for the first time, certain U.S. taxpayers that reside in the U.S. to be eligible for the program. Since this is the most significant change, we will first discuss which U.S. taxpayers that reside in the U.S. are eligible to participate in the program.