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Tag Archive for 877A

FATCA 2015 Roundup: It’s All Serious Business!

TaxConnections Member Manasa Nadig

A lot has been written about the Foreign Account Tax Compliance Act {FATCA} in the past year. As this year comes to a close and I write up this post, I wanted to give you all, my dear readers a synopsis at your finger-tips, a round-up, if you will of some major FATCA events for 2015:

1. FBAR Deadlines Changed:

On July 31, 2015 President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 into law, which modified the due date of several key forms for Americans with foreign income and Americans living abroad. That includes the Report of Foreign Bank and Financial Accounts, or Form 114, colloquially known as the FBAR.

Any U.S. person with a financial interest in, or signatory authority over, foreign financial accounts must file the FBAR, if at any time, the aggregate value of their relevant foreign account or accounts exceeds $10,000. An account over Read more

What A Thoughtful Gift

Mike DeBlis Blog2

 

If you receive a $50 check in the mail from your Nana in the UK a few days before your birthday, it is fairly easy to deal with the income tax consequences of this transaction, especially if the check comes in one of those generic puppy-dog cards from the supermarket. That being said, most accountants would advise you to cash that check at first opportunity, or else Nana might close the account, the check will bounce, she’ll go to the wrong address to straighten things out, and… well, it may be easier if you just watch the clip below. Read more

New Rules On Gifts & Inheritances From Expats Proposed By The IRS

Manasa Nadig - 9-23-15

We know that increasing globalization keeps us, Enrolled Agents, on our toes especially when we have to consider advising families, businesses and real property owners who have ties with the US and other countries as well. Thanks to my many clients who have business interests in other countries or still have ties/ families back in the countries they migrated from, I deal with cross-border issues quite often.

Interestingly, this summer we did a work-up for a client who had surrendered their green-card & left the country but due to their length of stay in the country, they could be considered “covered-expatriates”, the clients wanted to set up inheritances for their grand-children who are US citizens. Read more

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