The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly...
STREAMLINED FOREIGN OFFSHORE PROCEDURE As U.S. Citizen or Green Card Holder, you have the obligation to declare in the United States, worldwide income regardless of your tax residence, the source of income, or the volume of income. The consequences of failing to...
By Fatima Hussein, Associated Press An IRS plan to test drive a new electronic free-file tax return system next year has got supporters and critics of the idea mobilizing to sway the public and Congress over whether the government should set up a permanent program to...
The Supreme Court reprimands the Spanish Tax Agency (AEAT) for skipping double taxation agreements. It points out that what these agreements establish prevails over national legislation. The Supreme Court puts the Tax Administration in its place for unilaterally...
An investigation has shown that the IRS has fallen far short of its goals in implementing the FATCA legislation. With stricter requirements, the department hopes to detect non-compliance more quickly by U.S. Citizens living and working abroad. The U.S. Tax system,...
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