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Common FBAR errors

The FBAR form is a reporting requirement for certain foreign financial accounts. The penalties for failing to file an FBAR are no joke. The IRS can apply a $10,000 penalty for each non-willful violation of the filing requirement.

IRS Superannuation treatment update

A couple of weeks ago, we spoke about US tax treatment of Australian Superannuation funds. We received some feedback about how these funds should be treated, and what IRS reporting forms are required. In this video, we reply to the feedback we received.

How to avoid disaster with the US tax code

The US tax code is one of the most complicated things in the history of time for US taxpayers. So imagine being an expat trying to decipher all of the rules and regulations!

Thinking of investing in or moving to the US? Avoid these tax traps.

The United States is the land of opportunity for non - US persons that are looking to become US citizens, or simply to live or invest here. It is also the land of dangerous tax ...

Taxation on Foreign Inheritances and IRS Form 3520

Is there taxation on foreign inheritances? Not really, but that doesn't mean you don't have some IRS form to file. Form 3520 is officially the 'Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts'.

US taxation of foreign annuities

Annuities have some big advantages for those seeking a future stream of income. Generally, annuities allow you to do a type of income tax deferral. This means you ...

TurboTax, FBARs and foreign income

For those who are W-2 employees and receive any other income with a 1099, TurboTax may be something that you can use to prepare a reasonably decent 1040. Where TurboTax gets dangerous ...

FATCA - What is a 'Specified Foreign Financial Asset'?

Once you've determined that you need to file a Form 8938, you'll need to know what to report. The IRS has not made it a simple, quick process, and some of the requirements cause duplicate ...

IRS Taxation of Foreign Annuities

In today’s sophisticated financial market, there are many kinds of annuity products available: fixed annuity, variable annuity, immediate annuity, fixed - period annuity, and deferred annuity. There are even more sophisticated products such as private placement annuities in order to meet ...

IRS taxation of foreign life insurance

Life insurance is, for many people, is not only a responsible way to provide for your dependents should the unthinkable happen but also a valuable savings tool in a diversified investment portfolio. Given that taking out a life insurance policy is one of the most fiscally responsible ways someone can spend their money, one would expect Congress to authorize tax incentives that encourage people to insure...

IRS and Foreign life insurance and OVDP implications

Foreign life insurance plans are considered non-qualified insurance by the IRS, and as such, taxpayers are required to calculate and pay tax on what the IRS deems to be “income on the contract." It's not a very well known obligation for foreign filers, and neither professional tax software ...

Foreign Life Insurance: Taxable Income? FBAR reportable?

There are many benefits of having life insurance. Life insurance is most commonly used as a means to make sure loved ones have financial security in the event of the sudden demise of the insured person. Many people are aware that there are many different types of life insurance products ...

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