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Earlier this year, Congressional haggling delayed the start of tax season. Now, the Internal Revenue Service says the recent government shutdown means the 2014 season will also start late with the delay estimated to be from one to two weeks.  

All of us procrastinate. But some take things to dangerous extremes – putting off the filing of tax returns for a few years, or even many years. According to the IRS, each year some ten million people fail to file their tax returns. Non-filers, as the IRS calls them,...

Can I issue invoices even if I am not registered as self-employed (Autónomo)? This is the question many people ask when they decide to work on their own: in some cases the work is sporadic; in others, it is upon starting a new economic activity and you do not know how...

The amount of financial information to be shared between EU countries will significantly increase over the next years. As part of its intensified fight against tax evasion, the European Commission has proposed extending the automatic exchange of information between EU...

FATCA – short for the Foreign Account Tax Compliance Act – is a US law aimed at tackling offshore tax evasion. The law affects all US taxpayers, not just those living overseas. To comply with FATCA, all taxpayers holding accounts with foreign financial institutions...

IRPF: modelo 100 para residentes, Modelo 150 para NO residentes. El año pasado un trabajador mantenía la condición de no residente (estuvo en España menos de 183 días) por lo que tendrá que presentar antes de finales de junio el modelo 150 con una retención del...

The United States taxes its citizens and its resident aliens on their worldwide income. U.S. taxpayers are required to report their foreign income on their U.S. income tax return. They must also file and answer a series of questions on Schedule B to their U.S. income...

Chasing down the fat cats In 2010, the US Congress adopted a piece of legislation called the Foreign Account Tax Compliance Act (FATCA) to fight offshore tax evasion by its own citizens. The acronym seems a wry nod to President Barack Obama’s frequent denunciations of...

  Legislation allowing for the sharing of American citizens’ bank data will go before the Swiss parliament next month. It seemingly spells the end of prized Swiss banking secrecy, although lawmakers say it is far from a done deal. Recent weeks have seen an...

The Internal Revenue Service believes that there are millions of Americans who have failed to file FBARs; short for Report of Foreign Bank and Financial Accounts. Taxpayers with offshore holdings of $10,000 or more are required to report those holdings to the IRS. The...

Los asesores alertan de que muchos afectados ignoran la nueva obligación. Los inmigrantes que tengan viviendas en sus países de origen que superen los 50.000 euros deberán informar a Hacienda Un contribuyente adinerado y que posea un elevado patrimonio en el exterior...

El Consejo de Ministros español del pasado 12 de abril autorizó la firma de un acuerdo con Estados Unidos para la aplicación en nuestro país de la Foreign Account Tax Compliance Act (Ley de Cumplimiento Tributario de Cuentas Extranjeras), más conocida como FATCA. El...

Form 720 - Modelo 720 Form 720 of the AEAT: Report of all assets abroad. This form must be filed by all Spanish residents owning assets abroad, only if they are over the limits described below. It is required to file this form every year before March 31. This first...

The power to tax is the power to destroy (John Marshall, American Founding Father, Justice of the U.S. Supreme Court)  Are you a tax resident in Spain? That is, do you spend over 183 days per calendar year in Spain or is Spain the center of your vital interests (your...

Cuentas abiertas en el exterior. Obligación de declarar al Banco de España La Circular nº 3/2006 del 28 de agosto de 2006 (BOE de 11 de agosto de 2006), establece la obligación de declarar a los residentes (personas o entidades) ante el Banco de España: 1.       la...

DENUNCIA ANTE LA COMISIÓN EUROPEA CONTRA MODELO 720 (DECLARACIÓN INFORMATIVA BIENES Y DERECHOS EN EXTRANJERO) por incompatible con el Derecho Comunitario El despacho DMS Consulting (www.consultingdms.com) presentó el pasado 26 febrero una denuncia contra España ante...

El territorio británico busca desprenderse de su estatus de terreno abonado para las actividades financieras clandestinas y está dando los primeros pasos para facilitar información sobre los miles de compañías y fondos de inversión libre domiciliados en las islas....