The law does not make dual citizenship illegal; it is merely a reporting requirement.
Federal Law No. 142-FZ on Amendment of Articles 6 and 30 of the Federal Law on Russian Federation Citizenship and Individual Regulations of the Russian Federation, which took effect on 4 August 2014, makes it a criminal offence for Russian nationals to conceal dual citizenship or long-term residence abroad.
As this year’s tax season heads towards its end, we continue to see more and more self-filers who have received notices from the IRS reassessing their tax liabilities due to mistakes or miscalculations on their original returns. In many cases, the filers should have no tax liability, but a missing form or incorrect information triggers a hefty IRS tax bill.
This continues my blog of 28 March titled: “Australian Tax Office Announces Terms of Foreshadowed Offshore Income Amnesty!“.
The recently announced Australian Taxation Office (ATO) offshore income amnesty is available to “All individuals, companies, corporate limited partnerships, partnerships and trusts (including superannuation funds and executors or administrators of deceased estates)” that are residents of Australia for taxation purposes. However, the amnesty is not available to individuals and entities-
1. Already being audited by the ATO
2. That have received a compulsory information gathering notice relating to offshore income Read More
The ATO yesterday announced the terms of its amnesty for Australian resident individuals with undisclosed offshore income.
The terms of the amnesty are reasonably generous. In simple terms, the amnesty (with a window open until 19 December) includes-
1. A 4-year cap: back-taxes will only be imposed on offshore income for the previous four years.
2. Non-disclosure penalties will be capped at 10%.
3. Nil penalties for low-level disclosures (<$20,000 pa). Read More
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Avoiding Costly Mistakes: Four Essential Tax Concepts For Attorneys And CPAs (Complimentary 1-Hour Webinar Thursday, May 16th)
Understanding The Alternative Simplified Credit Calculation For R&D
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