Tax Warrior Chronicles

Trump’s Chinese Bank Account Raises Questions for U.S. Taxpayers with Foreign Accounts

Posted on Wed, Oct 28, 2020

Last week's presidential debate and discussion surrounding President Trump's Chinese bank account conjured up many questions regarding reporting requirements for foreign accounts. Coincidentally, the U.S. Treasury's Financial Crimes Enforcement Network ("FinCEN") posted to its website on October 14, 2020, extending the deadline to report such bank accounts and briefly threw the accounting world into a frenzy. Here’s what happened…

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Meghan & Harry Moving to Canada? The Tax Implications for the British Royal Couple

Posted on Thu, Feb 13, 2020

Prince Harry and Meghan Markle have been living in a whirlwind the past year, from welcoming their first child, Archie, to starting their transition from their positions in the royal family. With their plans to stop accepting funding from the UK Sovereign Grant and to move part-time to North America including Canada and the U.S., most likely California, there will be hurdles for them - one of which being taxation. Being royal makes it much more complicated, but we can try to do some analysis under some simplified assumptions.

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International Taxation for Individuals - Part IV: Which Forms Are Commonly Required?

Posted on Thu, Jul 19, 2018

Part I of this series focused on income tax obligations for American citizens and residents, with Part II detailing options to mitigate double taxation for those individuals.  Part III covered tax treatment of individuals who are neither citizens nor residents of the U.S., but have income sourced to the country.  In this fourth and final part of this series, we will discuss the forms most often utilized for tax compliance. 

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The Cryptocurrency Conundrum Part III: What We Look To Moving Forward

Posted on Thu, Jun 21, 2018

Today, we wrap up our three-part series on cryptocurrency by detailing the related foreign asset information reporting. Part I provided background and macro-level considerations. Part II covered the ambiguities on tax issues due to limited IRS guidance. This final installment, though far from our last post on cryptocurrency issues,  addresses potential answers to open questions and additional prospective issues.

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International Tax Attorney Joins D&S

Posted on Mon, Apr 30, 2018

PHILADELPHIA – Drucker & Scaccetti, the region’s premier tax planning and consulting firm, is pleased to announce that Patrick J. McCormick, JD, LLM, has joined its team as a Principal focusing on international taxation and related issues for domestic businesses and individuals.

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IRS Ending Offshore Financial Asset Disclosure Program

Posted on Mon, Mar 19, 2018

By: Dan Marques, CPA, MT

 

After years of speculation by tax professionals, the IRS announced on March 13, 2018, that the 2014 Offshore Voluntary Disclosure Program (OVDP) will end on September 28, 2018.  What does this mean for you?  If you have undisclosed foreign financial assets and you’re concerned with the potential for criminal prosecution, you will no longer have any available option for leniency after September 28, 2018

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Not So Fast! Tax Filing Season Isn't Over Yet For Those with Foreign Accounts

Posted on Mon, Jun 01, 2015

It is well after April 15th and you’ve timely filed your returns or extended them to later in the year, but you may not be done with your tax filing obligation for the 2014 tax year.  If you have an interest in a foreign financial account, you may be required to file an informational return commonly known as the “FBAR” (Report of Foreign Bank and Financial Accounts) by June 30, 2015.  Unlike income tax returns, the FBAR may not be extended.  Failing to file this form could subject you to a $10,000 penalty! We certainly do not want that to happen to you, so here are a few things to know if you have foreign accounts.

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Court Rules Online Poker Accounts Must be Included on FBAR, Disregards IRS Instructions

Posted on Tue, Jun 10, 2014

United States v Hom

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Report of FBAR Due June 30 - No Extensions Allowed

Posted on Thu, Jun 06, 2013

 

The Tax Warriors at Drucker & Scaccetti remind you that you are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if you had a foreign financial account active in 2012. Remember, this report is required even if the accounts did not produce taxable income.

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2012 Offshore Voluntary Disclosure Initiative

Posted on Mon, Jul 30, 2012

The IRS recently issued two announcements to help U.S. citizens living abroad, including dual citizens, comply with their U.S. filing obligations.  Based on the success of the prior offshore voluntary disclosure initiatives (2009 OVDP and the 2011 OVDI), the IRS, in January, announced a 2012 OVDP.  The IRS news release (IR-2012-64), provides details regarding the 2012 OVDP, including a set of newFrequently Asked Questions (FAQs).

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