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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By: Rosie Flite
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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By: Patrick J. McCormick, JD, LLM
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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By: Patrick J. McCormick, JD, LLM
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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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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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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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.
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.
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).
