Cross-border tax issues, expat filing rules, and international tax policy — because taxes don’t stop at the U.S. border.
Changes to the Tax Code, tax reporting, and tax policy are generally reflective of the state of mind of the country at any given time. In other words, Congress uses taxes to modify your behavior (gasp). Think about it… We tax cigarettes and alcohol (sin taxes) to discourage those behaviors and we call those taxes…
In 2002, the 7,500 largest foreign corporations controlled by large U.S. multinational corporations held $5.8 trillion in assets and reported receipts of $2.3 trillion. Of these corporations, 28.9% sold goods, 26.1% sold services, and 24.2% were in the finance, insurance and real estate rental and leasing industries. More than half of foreign corporations controlled by…
A federal court in San Jose, California, gave the IRS permission to ask PayPal Inc. for account information for American taxpayers who have bank accounts, credit cards or debit cards issued by financial institutions over the last ten years in more than 30 countries reputed to be tax havens. This is similar to a summons…
The IRS has recently issued a reminder that U.S. citizens and residents who are officers, directors or shareholders of foreign corporations may have to file Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. The level of control the U.S. taxpayer has in the foreign corporation is the determining factor of…