Tax Services

International Taxes

A&C is experienced and qualified in preparing informational returns for international tax filings, which if not done correctly and filed timely, can result in significant penalties to the taxpayer.

Examples are:

  • Reporting Foreign Gifts. Receipt of foreign gifts in excess of$100,000 must be reported to the IRS.
  • Reporting Foreign Trusts. Beneficiaries must report distributions they receive from foreign trusts to the IRS.
  • Reporting Foreign Pension Plans. Owners of certain foreign pension PLANS must report contributions and/or distributions they make/receive from foreign pension PLANS to the IRS.
  • Reporting Transfers to Foreign Corporations. Transferors must report the transfer of money and property (physical and financial) to the IRS.
  • Reporting the Activities of Foreign Corporations. Any U.S. citizen, permanent resident, or resident for tax purposes who is a shareholder of a foreign corporation must report the activities of their foreign corporation to the IRS.
  • Reporting the Activities of Foreign Partnerships. The shareholders of foreign partnerships must report the activities of their foreign partnerships to the IRS.
  • Reporting the Activities of Foreign Sole Proprietorships. The owners of foreign sole proprietorships must report the activities of their foreign sole proprietorships to the IRS.
  • Statement of Specified Foreign Financial Asset. Individuals that have an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold must report to the IRS.
  • Foreign Bank and Financial Account Reporting (FBAR)
You may be required to file a Form FinCEN 114 (previously known as TD F Form 90-22.1/ FBAR) if:

 

You are a U.S. citizen who owns bank and/or brokerage accounts outside of the United States; or

You are NOT a U.S. citizen, but you live in the United States and own bank accounts and/or brokerage accounts located outside the United States; or
You have signature authority over a bank account or brokerage account located outside the United States.

  • Reporting of U.S. Entities owned by foreign shareholders. U.S. citizens, permanent residents, and residents for tax purposes need to disclose equity ownership in foreign entities.
  • Reporting Passive Foreign Investment Company (PFIC). Owners of Mutual Funds are required to report them correctly on their tax returns.
  • Reporting of Foreign Income. U.S. citizens, permanent residents, andresidents for tax purposes are taxed on global income. A&C can assist with reporting all foreign income correctly.

Streamlined Filing Compliance Procedures Initiative

Do you have foreign bank accounts, income, or assets that have not been reported to the Internal Revenue Service?

Several countries have signed the Foreign Account Tax Compliance Act (FATCA) with the United States and will be sharing bank account information of U.S. residents with the IRS. Anyone affected by the Streamlined Filing Compliance Procedures for Non-Resident and Non-Filer Taxpayers should have their individual situation reviewed to determine the most advantageous route in light of these new rules. A&C can assist in determining the IRS filing needs as well as any other international financial planning for the short- and long-term.

A&C experts can assist you to evaluate if you qualify for this program and help you participate in the Streamlined Compliance Procedures for an expedient and accurate resolution of your compliance issues.

Do you have foreign bank accounts, income, or assets that need reporting?

A&C can assist in determining the IRS filing needs.

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