Foreign Financial Account Archives - Page 2 of 4 - FREE Yourself from IRS Problems

Shamsey Oloko September 23, 2016 FATCA, FBAR, Foreign Financial Account, Foreign Tax Credit 0

A Primer on Foreign Tax Credit

U.S. taxpayers that have paid or accrued foreign taxes to a foreign country or U.S. possession, while subject to U.S. tax on the same income, may be able to take either a credit or an itemized deduction for these payments…

Shamsey Oloko September 15, 2016 Foreign Corporations, Foreign Financial Account 0

About Form 5471

Some U.S. taxpayers may be required by I.R.C. § 6038 to file Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) with their tax returns. To adhere to the reporting requirements of § 6038, as well…

Shamsey Oloko June 27, 2016 Foreign Financial Account, Foreign Tax Credit, Fraudulent Return, Punitive Damages, Tax Evasion, Tax Fraud 0

US To Require Banks To Disclose Owners Of Shell Companies

In the first week of May, 2016, the U.S. Department of the Treasury announced several actions to strengthen financial transparency and combat the misuse of companies to engage in illicit activities. Treasury announced a Customer Due Diligence (CDD) Final Rule,…