As the owner or operator of a small business, you face multiple pressures. Marketing your product or service effectively, driving revenue growth and managing employees are only some of the many demands on your time and attention.
Last week we concluded a two-part overview on the taxation of foreign accounts and income. In this follow-up post, we will get even more specific about reporting requirements.
In the first part of this post, we sketched the evolving compliance landscape for offshore accounts and income. With the Foreign Account Tax Compliance Act (FATCA) taking effect, U.S. account holders with foreign assets find themselves under more scrutiny than ever before.
Boris Johnson, the flamboyant mayor of London, has quietly agreed to pay substantial U.S. taxes on the sale of his home in the U.K.