What is the US tax impact of opening a foreign account for a US taxpayer including foreign nationals who live and work in the United States? The requirement for US taxpayers to report offshore accounts has been around for quite some time. In 2004, the IRS added penalties for non-willful...
Is the US the New Tax Haven
Is the US the new tax haven now that the world is following international disclosure laws? After pushing FATCA and international banking reporting requirements on more than 110 nations worldwide, the US is ironically resisting global disclosure standards. This is much to the dismay of many former Swiss and european...
Recent International Business Developments Generate Cautious Optimism for Some
Several recent international business developments generate cautious optimism for some San Diego business owners. While we await the work the US Congress intends to do on corporate taxes and transfer pricing issues, news out of Mexico today regarding a historic memorandum between the Mexican Senate and the San Diego Regional...
IRS Focusing on Transfer Pricing and Offshore Earnings says Wall Street Journal
In a recent article the Wall Street Journal warned that the IRS had released information about 13 "campaigns" to target high-value tax returns for IRS audit. The IRS intends to focus upon and international businesses transfer pricing and offshore earnings and the compliance with IRS FBAR reporting and offshore account...
Border Tax Debate Heats Up
The border tax debate heats up as more and more business leaders descend on Washington to meet with lawmakers to express concerns. Speaker of the House Paul Ryan was quoted as saying "“[The border adjustment tax is] putting American-made products at a huge advantage. There’s a built-in bias in our...
GE Outsourcing Tax and Some Accounting A Good Model According to WSJ
An article this week in the Wall Street Journal noted General Electric (GE) had executed a strategy for outsourcing tax and some accounting services that other corporations are sure to follow. GE has decided to implement a "tax outsourcing" plan that will move internal employees to an external tax and...
New International Corporate Tax Discussions Unfold in US Congress
While new international corporate tax discussions unfold in the US Congress, American businesses brace for a tax scheme that could change some of the fundamentals of international business and associated Effective Tax Rates or ETRs. The majority party in Congress favors a "destination-based cash flow tax." Are we really moving...
A New World of Financial Transparency and International Tax
2017 is dawning on a new world of financial transparency and international tax cooperation between global sovereign tax authorities and the world's banks and investment houses. What does this mean for international investors, US taxpayers with offshore accounts and assets and international business? In short - a reckoning. The primary...