Accidental American Flott & Co. Accidental American IRS News & Regulations US Taxes for Non-Residents US citizenship US Taxation FBAR International Business FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: THE THIRD IN A SERIES ABOUT OTHER US TAX SURPRISES – REPORTING REQUIREMENTS – IRS FORM 5471 – Category 3 Filers FBAR IRS News & Regulations US persons with ownership interests in foreign corporations or who are directors or officers of foreign corporations are subject to special reporting rules. The first article of this series provided the general reporting requirements under Form 5471 which was followed by the second article of this series about the reporting requirements of “Category 2 Filers”, which are the reporting requirements of a US citizen or resident who is an officer or director of a foreign corporation. This article will focus on the reporting requirements of “Category 3 Filers”, which are the reporting requirements that are generally triggered when US persons acquire and dispose of stock in a foreign corporation. January 30, 2014 Details G-IV Visas: Taxation On US Source Capital Gains FBAR An individual residing in the US in G-IV visa status (“G-IV Taxpayer”) is generally taxed as a nonresident alien even though the individual may live in the US for an extended period of time. Generally, nonresident aliens are not subject to US capital gains tax with the exception of real property located in the US. However, there is an exception to this rule for nonresident aliens who have been in the US for more than 182 days in a given year. January 23, 2014 Details US Signs Six Bilateral FATCA Agreements In December FATCA FBAR IRS News & Regulations December was a fruitful month for the US Treasury Department’s efforts to implement FATCA. The Treasury Department inked another six FATCA bilateral agreements which increases the total number of bilateral agreements to 18. The Malta, Netherlands, Guernsey, Isle of Man, Jersey agreements are based on the Model 1A treaty and requires the foreign financial institutions… January 16, 2014 Details FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: THE SECOND IN A SERIES ABOUT OTHER US TAX SURPRISES – REPORTING REQUIREMENTS – IRS FORM 5471 – Category 2 Filers FBAR IRS News & Regulations US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxes for Non-Residents US persons with ownership interests in foreign corporations or who are directors or officers of foreign corporations are subject to special reporting rules. The first article of this series provided the general reporting requirements under Form 5471. This article will focus on the reporting requirements of “Category 2 Filers”, which are the reporting requirements of… December 26, 2013 Details G-IV Visas: Exclusion From Capital Gains Tax On The Sale Of Principal Residence IRS News & Regulations US Taxation An individual residing in the US in G-IV visa status (“G-IV Taxpayer”) is generally taxed as a nonresident alien, even though the individual may live in the US for a number of years and even have his/her principal residence here. Generally, when individuals who meet certain requirements sell their principal residences, they receive an exclusion… December 19, 2013 Details US Signs Bilateral FATCA Agreements International Business IRS News & Regulations US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxes for Non-Residents Thanksgiving was quite a feast for the US Treasury Department. On November 26, 2013, the US and Costa Rica signed a bilateral agreement to implement the Foreign Account Tax Compliance Act (FATCA) and on November 28, 2013, the US and the Cayman Islands signed a bilateral agreement to implement FATCA. The Costa Rican agreement is… December 12, 2013 Details Shifting Profits From The U.S. To Lower-Tax Jurisdictions – Opportunities Persist International Business IRS News & Regulations As we approach the end of 2013, with the House scheduled to be in session for less than three more weeks this year, it appears highly unlikely that we will see any comprehensive U.S. tax reform in 2013. This provides numerous opportunities for taxpayers, because many techniques for tax minimization are likely to remain available,… December 5, 2013 Details FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: RULES AND CATEGORIES FOR IRS FORM 5471 foreign bank account reports IRS News & Regulations US tax returns US tax returns on worldwide income US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxes for Non-Residents US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES Here we will briefly discuss the ownership attribution rules for purposes of Form 5471, and introduce the different filing categories under Form 5471. The rules and reporting requirements for each category of filer are unique and will be discussed in more detail in subsequent articles. Before describing the… November 27, 2013 Details FILING US TAX RETURNS AND FBAR ISN’T THE WHOLE STORY: INTRODUCING IRS FORM 5471 FATCA FBAR International Business IRS News & Regulations US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES If you are a US person (citizen or resident) you may have learned by now that you have to file a US tax return and bank report each year, even if you have no US source income. Well, that’s not all. This is the first in a series… November 21, 2013 Details FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: INTRODUCING IRS FORM 5471 foreign bank account reports IRS News & Regulations US tax returns US tax returns on worldwide income US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxes for Non-Residents Leave a comment US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES If you are a US person (citizen or resident) you may have learned by now that you have to file a US tax return and bank report each year, even if you have no US source income. Well, that’s not all. This is the first in a series… November 21, 2013 Details 1 2 3 4 5 … 8 Next page Topics (7) Citizenship Renunciation (17) FATCA (17) FBAR (5) foreign bank account reports (3) Intellectual Property (18) International Business (37) IRS News & Regulations (28) US citizenship (4) US tax returns (5) US tax returns on worldwide income (5) US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES (20) US Taxation (30) US Taxes for Non-Residents Copyright 2015 Flott & Co. PC. | All Rights Reserved.