News & Analysis as of

Foreign Assets

Allen Barron, Inc.

What is an FBAR and What Foreign Financial Information Are You Required to Report?

Allen Barron, Inc. on

What is an FBAR, and what information is a U.S. taxpayer required to report to the U.S. Government and the IRS? There are many questions about the requirements for U.S. taxpayers with foreign accounts, investments, and...more

Foodman CPAs & Advisors

Estrategias Y Esquemas Tributarios Para Evitar Impuestos A La Vanguardia Del IRS

El 11/04/24, el IRS concluyó su Lista de la Docena Sucia de 2024 con una “advertencia a los contribuyentes sobre los promotores que venden estrategias fiscales falsas y esquemas extraterritoriales fraudulentos diseñados para...more

Foodman CPAs & Advisors

Tax Strategies And Schemes To Avoid Taxes At IRS Forefront

On 4/11/24, the IRS wrapped up its 2024 Dirty Dozen List with a “warning to taxpayers regarding promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes altogether”. Tax...more

McDermott Will & Emery

[Event] Tax Symposium 2024 - May 14th - 15th, Chicago, IL

Discover the latest global developments and planning opportunities to stay ahead of the curve at McDermott’s Tax Symposium 2024. Join us in Chicago for a full day of programming designed to equip corporate tax leaders with...more

Allen Barron, Inc.

What Happens If You Don't File an FBAR

Allen Barron, Inc. on

It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San Diego or anywhere in the US,...more

Proskauer - Tax Talks

Change to non-domicile tax regime forms part of UK Spring Budget 2024

Proskauer - Tax Talks on

As part of the UK’s Spring Budget 2024, the Chancellor of the Exchequer, Jeremy Hunt, has announced the abolition of the remittance basis for income tax and capital gains tax for non-UK domiciled, UK resident individuals (the...more

Allen Barron, Inc.

Part 2 – International Tax Primer for US Taxpayers and Expatriates

Allen Barron, Inc. on

We continue with Part 2 – International Tax Primer for US Taxpayers and Expatriates with one of the most common forms associated with foreign asset and income reporting to the IRS: Form 8938, the Statement of Specified...more

Adler Pollock & Sheehan P.C.

Overlooking Foreign Assets Can Be Detrimental to An Estate Plan

When working with an estate planning advisor, it’s critical to disclose all your assets. Importantly, any foreign assets you might have must be included. Often, people assume that these assets aren’t relevant to their “U.S.”...more

Allen Barron, Inc.

An International Tax Primer for US Taxpayers and Expatriates – Part 1 of 2

Allen Barron, Inc. on

Welcome to part 1 of our Allen Barron International Tax Primer for US Taxpayers and Expatriates. The United States is one of the few countries in the world that taxes its citizens on their worldwide income. US taxpayers are...more

Foodman CPAs & Advisors

Foreign Digital Asset Accounts To Be Reported

The Biden’s Administration 2024 Revenue Proposal includes US taxpayer reporting requirements for foreign digital asset accounts. The proposal would be effective for returns required to be filed after December 31, 2023. Tax...more

Rivkin Radler LLP

Pigs Get Fed, and Pay Their Taxes, But Hogs – That Remains to be Seen

Rivkin Radler LLP on

Taxing the Rich- During the last couple of months, as we headed into what most folks – excluding transactional attorneys – call the “Holiday Season,”[i] tax authorities from around the globe have been calling for increased...more

Katten Muchin Rosenman LLP

UK Real Property Beneficial Ownership Register Progresses in England and Wales

On 1 August, a new Register of Overseas Entities under the Economic Crime (Transparency and Enforcement) Act 2022 came into force, requiring overseas entities that currently own land in the United Kingdom to register verified...more

Holland & Knight LLP

Declaración de activos en el exterior en Colombia: Cambio en TRM a ser usada

Holland & Knight LLP on

Con la Resolución 001096 de 13 de julio de 2022, la Dirección de Impuestos y Aduanas Nacionales (DIAN) de Colombia modificó el instructivo de la casilla 41 de la Declaración Anual de Activos en el Exterior (formulario 160),...more

King & Spalding

8 Key Business Takeaways From Russia’s War

King & Spalding on

Economic ripples of Russia’s invasion of Ukraine will permeate the financial, energy, retail, and agricultural sectors, among others. (A link to a related King & Spalding webinar is located here.) While the full effects of...more

Cooley LLP

Investment Treaties Could Provide Remedy For Russia’s Unlawful Seizure of Foreign Assets

Cooley LLP on

As Reuters recently reported, Russia is preparing a new law that will allow it to seize the local businesses of Western companies that have left or suspended operations in Russia due to the invasion of Ukraine. Affected...more

BCLP

International Law Recourse for Potential Expropriation of Foreign Assets by Russia

BCLP on

With the continuing exit and suspension of operation of foreign entities in Russia, Russian State authorities are exploring retaliatory measures, including a regime for the nationalisation and forced sale of foreign assets. ...more

Cadwalader, Wickersham & Taft LLP

President Biden’s Greenbook Provides Clarity on Digital Asset Taxation

The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals (the “Greenbook”), which elaborates on revenue proposals in President Joe Biden’s Fiscal Year 2023 Budget Proposal,...more

King & Spalding

Financial Shockwaves

King & Spalding on

8 Key Business Takeaways From Russia’s War - Economic ripples of Russia’s invasion of Ukraine will permeate the financial, energy, retail, and agricultural sectors, among others. (A link to a related King & Spalding...more

Cooley LLP

War and Office of Foreign Assets Control Exclusions: Insurance Policy Language Matters

Cooley LLP on

Nearly two weeks into the Russian invasion of Ukraine, numerous companies are focused on how the war might impact their business, including their insurance coverage. This advisory provides a high-level overview of two types...more

Cole Schotz

“Accidental Americans” Must Pay US Tax On Worldwide Income And Provide Detailed US Tax Reporting

Cole Schotz on

We have had several matters recently with “Accidental Americans” – that is, non-US persons who became US tax residents by staying in the US for a sufficient number of days. This frequently happens in an understandable...more

K&L Gates LLP

Japan Puts Forth Bold Legislation to Attract More Foreign Asset Managers to Upgrade Global Financial Center Status in...

K&L Gates LLP on

Japan is making bold policy and legislative actions to reshape its regulatory landscape for the asset management industry, aiming to invite more foreign asset managers to Japan and further elevate Japan’s status as a global...more

Foodman CPAs & Advisors

19 Possible Questions That Your Tax Preparer Ought to Ask Regarding Foreign Accounts and Assets

Many Taxpayers with international entanglements seek the assistance of tax return preparers without U.S. international tax reporting experience.  Because US International tax reporting is complicated and often overwhelming...more

Greenberg Glusker LLP

[Webinar] Adding Some Spice: How International Ties Flavor Estate and Gift Tax Planning - January 29th, 10:00 am - 11:00 am PST

Greenberg Glusker LLP on

Please join us on January 29th as we discuss the following topics on estate and gift tax planning for clients with international ties: - Gifting to a non-citizen spouse - The difference between U.S. “residency” for...more

Foley Hoag LLP - Security, Privacy and the...

Is Paying Ransomware Grounds for OFAC Sanctions? OFAC Says "Maybe"….

On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory to alert companies that might pay ransomware attackers of the potential sanctions risks for facilitating...more

Foley & Lardner LLP

IRS Announces Plans to Increase Audits on High-Net-Worth Individuals and their Related Entities

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At the end of June, the Commissioner of the IRS Large Business and International Division announced a new campaign to audit high-net-worth individuals and the entities (such as partnerships, corporations, trusts, and private...more

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