by cpaofmiami | Dec 12, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
Going through an IRS audit is not a pleasant experience. For most people, it is up there with a root canal or colonoscopy. At a minimum, the dentist and protologist are probably nicer to you than the average IRS auditor. In recent years, the IRS has turned its focus...
by cpaofmiami | Dec 8, 2014 | International Taxes - Expat Tax Compliance, Tax Compliance - High Net Worth Individuals
In January 2014, the Economist magazine indicated that Foreign Account Tax Compliance Act (FATCA) would negatively impact the Miami Financial District. They indicated that Miami had lots to lose from Latin American money deposited in Miami’s financial district...
by cpaofmiami | Dec 8, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes, Tax Compliance - High Net Worth Individuals, Uncategorized
It is getting harder and harder to hide bank deposits in other countries. Recently, 51 nations agreed to automatically exchange tax information in 2017. This agreement was led by Europe’s five biggest economies and appears to be like the United States version of FATCA...
by cpaofmiami | Dec 8, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
As our world has become more global in scope and United States citizen are living abroad regularly, the new tax laws that were designed to close tax loop holes have caused record numbers of U.S. citizens to abandon their American citizenship which is unfortunate. The...
by cpaofmiami | Dec 4, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
The Internal Revenue Service (IRS) is now looking at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets. Effective July 1, 2014, the U.S. government will start imposing 30 percent taxes on many overseas...
by cpaofmiami | Dec 3, 2014 | International Taxes - Expat Tax Compliance, IRS Tax Problem Resolution - Back Taxes
In an effort to prompt United States taxpayers with hidden offshore accounts to come clean regarding the existence of those accounts, the Internal Revenue Service, or IRS, launched its “Offshore Assets Disclosure Program”. By 2012, the IRS claimed to have recovered...
