Tag Archive for US Taxes

Tax Compliance: What You Need To Know Before You Travel

Thinking of moving to Mexico or Belize to live comfortably? Are you making an income in Mexico or the US you have not reported to the US government? Mexico has changed their tax laws and tax penalties and you need to be aware of them. Mexico now wants to know how much money you have in your US ban accounts.

You must be compliant and Maurice Glazer shares his experience working with taxpayers who decided to move to Belize or Mexico to live. Avoid getting arrested and having your US passport confiscated by being compliant. Read More

Written by | Posted in Cross-Border Tax • Income Tax • Mexico Tax/ Belize Tax • US Tax

Beware of The Consequences of Avoiding U.S. And Foreign Taxes

The catch phrase in the movie Jerry McGuire was “Show Me the Money!”

It now looks like prosecutors are adopting the same mantra and are enjoying success in courts indicting those that attempt to hide money and avoid paying taxes either in the U.S. or abroad.

In the past, it was a given that an individual or organization that stayed within the parameters of its country’s tax laws wouldn’t be prosecuted by another country. For example, an expat whose business was abiding by all the laws in France wouldn’t get any flak from the IRS or the U.S. Department of Justice for violations of U.S. laws.

Think of this as “What Happens in Vegas, Stays in Vegas.” Read More

Written by | Posted in Tax Fraud/Evasion/Crimes

The United States Controlled Foreign Corporation (CFC Rules): An Introduction

Commentators and practitioners often refer to the United States controlled foreign corporation statute (“CFC”) as extremely complex and Byzantine in their construction and application. I would agree with this assessment to a point; if someone is simply trying to learn the pure mechanics of the statute then, yes, it is very difficult to fathom. However, when one looks at the rules after understanding the underlying policy for their implementation and overall effect, the statutory scheme becomes easier to comprehend. So, let’s begin with an explanation of why the United States (and other developed, OECD countries) put these types of rules into place.

To begin we will need to know a few definitions from section 7701. A domestic corporation is Read More

Written by | Posted in OECD