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Summer 2016 Statistics of Income Bulletin
The Internal Revenue Service today announced that the summer 2016 issue of the Statistics of Income Bulletin is available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various...
Financial institutions poorly prepared for automatic information exchange
Financial institutions are reporting a number of challenges over compliance with new OECD requirements related to the automatic exchange of information (AEOI) on client bank accounts in foreign jurisdictions, exacerbated by problems complying with the US Foreign...
Reporting Foreign Bank Accounts
Dickinson Wright tax Blog USA August 15 2016 The IRS has signaled its intention to tighten the thumb screws a bit further on the reporting of foreign bank accounts, in recently published Announcement 2016-27. Under the so-called FATCA (Foreign Account Tax Compliance...
High Inaccuracy Rate Seen in FATCA Filings
Wilmington, Mass. (August 19, 2016) By Michael Cohn Less than half of filings for the Foreign Account Tax Compliance Act have been accurate, according to a new survey. The survey, conducted by the Aberdeen Group on behalf of the software company Sovos Compliance,...
U.S. Tax Information Session in Madrid – Monday March 14th 5pm
U.S. Tax Information Session in Madrid with the ACM - American Club of Madrid We will have a sort presentation on the following issues: Spanish and US taxes for US citizens who are residents in Spain. Tax Treaty on no-double taxation. Current situation and future of...
U.S. Tax Information Session at American Women’s Club – March 7th 2016.
U.S. Tax Information Session at American Women’s Club We will have a sort presentation on the following issues: Spanish and US taxes for US citizens who are residents in Spain. Tax Treaty on no-double taxation. Current situation and future of the Foreign Bank Account...
¿Te ha enviado una carta el Banco? – Have you received a letter from your bank?
Los bancos españoles se están poniendo en contacto por carta con algunos clientes, con el objeto de cumplir el acuerdo internacional firmado el 14 de mayo de 2013 entre el Reino de España y los Estados Unidos de América, para la mejora del cumplimiento fiscal...
2016 Taxes: What’s on Deck for Your Investments?
Compared with the "fiscal cliff" and other year-end escapades, the tax-related drama in Washington has been pretty subdued in recent years. Dividend and capital gains tax rates have stayed the same, and the federal estate tax will still only affect the uber-rich....
Do you plan to expatriate during 2016?
For those of you who are thinking about expatriation in 2016, this is a perfect time to start doing the footwork. When should you renounce? There are four major factors that drive the timing of your expatriation: Covered expatriate status (you may need some time to...
Las cuentas más opacas de Suiza empiezan a huir a Estados Unidos
Los clientes que más necesitan extremar la confidencialidad han comenzado a sacar millones de euros de las arcas de los grandes bancos suizos para refugiarse en destinos más permisivos, como la primera economía mundial. Mientras la Asociación de Banqueros Suizos (SBA...
“Day Sessions” to inform about the fiscal situation for US Citizens residents in Spain.
The meetings will be held in March 2016 in Madrid, Málaga and Barcelona. December 2015.- The purpose of US Tax Consultants is to promote the well-being of US Citizens in Spain providing information and resources such Spanish fiscal obligations, individual fund...
FBAR -FinCEN 114- filing date changed
The FBAR form filing date will be aligned with annual income tax filing deadline of April 15 starting in tax year 2016. On July 31, 2015, President Obama signed a three-month highway funding extension bill called “The Surface Transportation and Veterans Health Care...
Why Americans Should Never, Ever Own Shares in a Non-US Mutual Fund
Why Americans Should Never, Ever Own Shares in a Non-US Mutual Fund If you are a U.S. citizen or a U.S. permanent resident who has been living and working outside the U.S. and investing your savings through a non-US financial institution, you need to learn what a...
IRS Reminds Those with Foreign Assets of U.S. Tax Obligations
WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2014, that they may have a U.S. tax liability and a filing requirement in 2015....
Sanciones por el modelo 720 de la AEAT
La Comisión Europea no está de acuerdo con el régimen sancionador del modelo 720, y va a iniciar un procedimiento de infracción contra España... El régimen sancionador que existe por dejar de presentar la “Declaración de bienes en el extranjero” (modelo 720) es mucho...
The IRS Gives U.S. Expats a Breather on 2015 Deadline
Everyone knows the infamous April 15th deadline for US calendar year taxpayers. Failure to pay and file by this deadline can result in filing and payment penalties. But if you are a US citizen or resident alien that resides in a foreign country on the April 15th due...
IRS Gives Expats Double-Whammy On Filing Taxes
If you are one of the millions of expat Americans filing taxes in 2015, expect more complications, given two announcements recently made by the IRS. The Foreign Account Tax Compliance Act has gone live with its International Data Exchange Service sending its first...
The U.S. Exit Tax & Renouncing Citizenship
If you renounce your US Citizenship you must face the “Exit tax”, It is probably one of the most misunderstood U.S. tax on individuals—the “Exit Tax” Americans have to pay when they give up their U.S. citizenship. In the past, the U.S. Exit Tax was imposed on an...
FATCA in Gibraltar –The End Of The Beginning Or The Beginning Of The End?
With apologies to Winston Churchill, however the financial landscape in terms of financial disclosure and the reporting of overseas assets has been turned on its head. Throughout 2013 tax authorities across the world have been falling over themselves to sign up to new...
IRS Makes Changes to Offshore Programs
The current Offshore Voluntary Disclosure Program was launched in 2012 and is the successor to prior voluntary programs offered in 2011 and 2009. Since the launch of the first program, more than 45,000 taxpayers have come into compliance voluntarily, paying about $6.5...
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