Janathan Allen, our San Diego FBAR and IRS tax attorney, helps foreign nationals comply with FinCEN and the IRS, and fulfill offshore financial disclosures and tax reporting requirements. The penalties for U.S. taxpayers who fail to fully disclose and report offshore income and assets, including resident foreign nationals, are quite high....
The Challenges of Offshore Investments
International investing can provide diversification and access to global markets, but U.S. taxpayers must understand the regulatory and tax compliance obligations that accompany offshore holdings. The challenges of offshore investments often arise not from the investments themselves, but from the complex reporting requirements imposed under U.S. tax law. Failure to...
Ignorance of FBAR Reporting and Worldwide Income Disclosure is No Excuse for a U.S. Taxpayer
Our offices have handled many cases of U.S. taxpayers, expatriates, and foreign nationals and spouses who live and work in the United States, with offshore accounts, assets, investments, business interests, or income. Many were not aware the U.S. taxes all income, worldwide. U.S. taxpayers are required by law to understand...
IRS is Considering Updates to the Voluntary Disclosure Practice
A request for public comment reveals the IRS is considering updates to the Voluntary Disclosure practice. The agency states its “commitment to improve its processes, and to further incentivize non-compliant taxpayers to come into compliance.” Key Takeaways Now That the IRS is Considering Updates to the Voluntary Disclosure Practice: The...
How Might Marrying a Non-US Citizen Affect Your Taxes?
How might marrying a non-US citizen affect your taxes? What are some of the hidden issues that the IRS, California, and other state tax agencies may raise in an audit? Key Takeaways: The Ways in Which Marrying a Non-US Citizen Affect Your Taxes: The United States taxes the worldwide income...
FBAR Requirements as a U.S. Person for an Offshore Account
What are your FBAR requirements as a U.S. person or taxpayer for an offshore account, group of accounts, property, or investment? The penalties associated with non-compliance with the reporting of offshore accounts, assets and income are quite severe. Primary Takeaways Regarding FBAR Requirements as a U.S. Person or Taxpayer With...
U.S. Taxpayers with Offshore Investments Should Be Wary of PFICs
U.S. taxpayers with offshore investments should be wary of PFICs (Passive Foreign Investment Company). Many foreign nationals live and work in the United States. For those who invest in offshore companies that generate income in a passive nature (i.e. rents, royalties, interest, income from commodities or derivative trading) are permanent...
US Taxpayers and Expatriates May Need to File Offshore Disclosures and FBARs
How many U.S. taxpayers and expatriates may need to file offshore disclosures and FBARs with the IRS? Should those who have not yet filed a disclosure application utilize the VDP (Voluntary Disclosure Program) or a streamlined application through the Streamlined Filing Compliance Procedures or SFCP? Many U.S. taxpayers have taken...
Tax Developments for U.S. Expatriates
There have been many recent tax developments for U.S. expatriates. It is essential for U.S. citizens residing outside the United States and those considering an expat life to understand their responsibilities as U.S. taxpayers. Allen Barron is a strong resource and service provider for U.S. expats, and those with international...