Tax Law, Finance & Banking, Immigration Law

A Tax Opinion CAn Protect EB-5 VISA Status.

by Sanford Millar on 5/7/2013

An EB-5 Visa is known as an "investor" visa. The following is an explanation of the EB-5 program...more

EB-5 Visas Applicant Need Tax Opinions

by Sanford Millar on 4/29/2013

An EB-5 Visa is known as an “investor” visa. The following is an explanation of the EB-5 program...more

Soy Boricua - Rethinking Inbound Tax Planning for Wealthy Latin American Moving to the U.S.

by Gerald Nowotny on 4/24/2013

Overview - In case you did not know, Miami is the capital of Latin American. It is the port of entry for Latin Americans from Central and South America. Historically, wealthy Mexicans have liked California and Texas...more

I Want to Live in America!- Part I Tax Planning Considerations for Foreign Scientists and Engineers

by Gerald Nowotny on 4/17/2013

Overview - As discussions regarding immigration reform continue to unfold, one point that is not under discussion or subject to debate is the contribution of foreign scientists and engineers to the New Economy. The statistics...more

Expatriation Lite: Leaving The U.S. Tax System While Retaining Your Citizenship

by Joshua Kaplan, Jeffrey L. Rubinger | Bilzin Sumberg Baena Price & Axelrod LLP on 4/16/2013

As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. ...more

Congress Returns from Spring Recess

by Mintz Levin on 4/9/2013

Congress returns to Washington today after a two-week district work period. As we enter the second quarter of the year, we are likely to see continued debate and some progress on: Budget & Appropriations; Presidential...more

Investing In Georgia: Economic Development Newsletter - February 2013

by King & Spalding on 2/27/2013

In This Issue: Welcome to King & Spalding's economic development news bulletin,Investing in Georgia. In this edition, you will find: - An overview of the sequester, debt ceilings, continuing resolutions to fund...more

Nonresident Alien Deposit Interest Reporting Requirements Are Now in Effect

by Cary Plotkin Kavy, Karen Neeley, Katherine Patton Noll | Cox Smith on 2/18/2013

Starting January 1, 2013, all commercial banks, savings institutions, credit unions, securities brokerages and insurance companies must report interest on deposits paid to nonresident alien individuals to the IRS and to the...more

The State of the Union in 2013

by Patton Boggs LLP on 2/14/2013

Introduction - Last night, President Barack Obama delivered his fourth State of the Union Address before a joint session of the 113th Congress. Not since 1887, when President Grover Cleveland faced a divided 50th...more

Tax Traps Accompany EB-5 Visas

by Sanford Millar on 2/11/2013

EB-5 Visas are sought after investment based pathways to a Green card. An EB-5 Visa is described in Wikipedia as follows...more

FATCA - Dual Nationals, Expatriation or Voluntary Disclosure

by Sanford Millar on 10/1/2012

Many dual nationals, meaning those U.S. taxpayers who retain citizenship in another country as well as having U.S. permanent residence (Green Card) status or U.S. citizenship, may be considering surrendering their U.S. status...more

Just how is the Expatriation Tax Calculated?

by Moskowitz LLP on 9/12/2012

It has been all over the news lately, wealthy U.S. taxpayers, such as, Eduardo Saverin (a Facebook founder), Denise Rich (songwriter), and another eighteen hundred, or so, have forfeited their U.S. citizenship for U.S. tax...more

Strategic Tax Planning for Non-Resident Aliens Using Private Placement Life Insurance- Part III

by Gerald Nowotny on 9/7/2012

Part I of this series on investment tax planning for non-resident aliens (NRAs) focused on the potential tax benefits of private placement variable annuities (PPVA). Part II focused on the use of PPVA contracts by NRAs to...more

Non-Citizens Risk Immigration Status for Offshore Bank Accounts

by Moskowitz LLP on 8/23/2012

The increased focus by the IRS on foreign income has generated a lot of news and a slew of criminal prosecutions. While US citizens need to consider the possibility of monetary penalties or a long prison sentence, resident...more

IRS: Interest Paid to Nonresident Aliens to Be Reported

by Morgan Lewis on 8/6/2012

Information regarding nonresident alien deposits in the United States could be provided to foreign governments as of January 2013, raising concern among non-U.S. residents holding deposits in the United States....more

2012 Offshore Voluntary Disclosure Program FAQs and Compliance Plan for U.S. Citizens Residing Overseas

by Duane Morris LLP on 7/11/2012

On June 26, 2012, the Internal Revenue Service (IRS) announced that its 2009 and 2011 offshore voluntary disclosure programs have generated more than $5 billion in revenue for the U.S. Treasury and released new FAQs with...more

Unfiled FBAR’s and SSI Eligibility

by Sanford Millar on 7/9/2012

Often individuals who have not filed Foreign Bank Account Reports (FBAR’s) express concern that filing the report will cause them to lose Supplemental Security Benefits, (SSI) and similar benefits from state agencies. It is...more

Many Renouncing Citizenship Because Of IRS Action On Foreign Assets

by Darrin Mish, Tampa Tax Attorney on 5/15/2012

Due to the IRS action of taxing foreign assets owned by US citizens, a number of Americans have decided to relinquish their citizenship to avoid paying taxes. Among the more prominent ones is Eduardo Saverin, co-founder of...more

Expatriation! Why and Why Not!!!

by Sanford Millar on 5/14/2012

The headline news that a co-founder of Facebook has given up his U.S. citizenship to avoid income and estate tax may trigger a lot of interest in expatriation. Some people will read the news of the expatriation of Mr. Sevarin...more

Canada-U.S. Cross-Border Bulletin: What You Know About FBARs Can Hurt You

by Teia Bui on 4/23/2012

An article concerning the U.S. tax reporting obligations of U.S. citizens resident in Canada, including foreign bank account reporting (FBAR) obligations and the Internal Revenue Service's current Offshore Voluntary...more

United States Supreme Court Raises the Stakes for Tax Disclosure by Green Card Holders and Other Resident Aliens

by Venable LLP on 3/27/2012

Tax Amnesty Programs As discussed in a number of previous Tax Alerts, since 2009 the Internal Revenue Service has created three separate tax amnesty programs in order to encourage U.S. taxpayers to properly report and...more

FBAR Conviction of NJ MD Affect Dual Nationals

by Sanford Millar on 1/16/2012

On January 11, 2012 Michael Reiss, a physician from NJ was sentenced for failing to report offshore (Swiss) bank accounts(11:CR:0068),United States District Court SDNY. The sentencing memos of the U.S make some important...more

Are FBAR Settlement Programs Provoking Expatriation?

by Sanford Millar on 10/31/2011

Since 2009 the IRS and some state governments have initiated settlement programs designed to encourage taxpayers with offshore financial accounts to come forward with the expectation that by doing so they will avoid criminal...more

FBAR Enforcement, What’s Next

by Sanford Millar on 9/7/2011

September 9, 2011 is the last date for taxpayers to submit requests to participate in the IRS Second Supplemental Offshore Voluntary Disclosure Initiative (OVDI). I have handled many OVDI filings and for some the program is a...more

FBAR Violation Puts Green Card Holder’s At Risk

by Sanford Millar on 8/29/2011

Green Card holders face risk of non-renewal or revocation of their Green Card (permanent residence status) if they failed to file a Report of Foreign Bank Account (FBAR). This may come has headline news to some permanent...more

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Tax Law › Finance & Banking › Immigration Law