The filing deadline for foreign bank accounts that meet certain monetary thresholds is only a few weeks away. As in past years, the deadline is June 30.
This is a follow-up to a post we did last winter on filing requirements for foreign assets and income.
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.
Large businesses play a major in the American economy. Not only do they meet the demands of consumers, but they also provide employment to thousands of people throughout the country. In order to be successful, companies employ a variety of strategies to minimize losses. Part of this is determining how state and federal corporate taxes fit into all of this.
Like any other organization, the IRS has judgment calls to make about its priorities.
In the Greek myth of Orpheus and Eurydice, the musician Orpheus descends into the realm of the dead, trying to save Eurydice from a lethal snakebite.
There is a big difference between intentional tax evasion and honest mistakes.
Heading into the frenzy of tax season, the IRS wants Massachusetts taxpayers to know that filing inaccurate returns or failing to make necessary disclosures may result in prosecution for tax evasion or other tax crimes. In addition to paying any unpaid taxes, penalties and fines, the IRS may aggressively pursue imprisonment of taxpayers that commit tax crimes.