U.S. and Cross Border Estate Planning
The financial press has reported that the CEO of a popular video communications company has transferred $6 billion dollars’ worth of his shares of stock in a U.S. corporation. A…
Category: Internal Revenue Code
Controlled Foreign Corporation ("CFC") FATCA Immigration Internal Revenue Code New York Nonresidents OVDI Streamlined Streamlined Procedure Tax Compliance Voluntary disclosure
Whistleblowers and The Global Reach of The IRS and NYS.
Recent headlines and articles in the financial press have been rich with inflammatory buzz words referencing “whistleblower payouts”, “indictments for tax evasion”, “state & local tax enforcement”, renewed threats of…
Entity Classification Foreign Tax Preparation Forms and Filings Internal Revenue Code Internal Revenue Service International Taxation Tax Compliance
New Form 5472 Reporting Requirements
Form 5472 Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business is often an overlooked form. In general, this form…
Controlled Foreign Corporation ("CFC") Foreign Tax Preparation Forms and Filings Internal Revenue Code Internal Revenue Service Tax Compliance
Dormant Foreign Corporations
A Controlled Foreign Corporation (“CFC”) is, in general, a foreign corporation controlled by a U.S. person(s) through ownership of stock. A U.S. person owning at least 10% of a CFC has a…
Forms and Filings Internal Revenue Code Internal Revenue Service International Taxation Tax Compliance
Forms 5471 and 5472 – Meaning of Substantially Complete
The IRS recently released a new International Practice Unit (“IPU”) on failures to file form 5471. IPUs are meant to act as a guide for IRS examiners and give insight…
Compliance Issues FATCA Internal Revenue Code Internal Revenue Service OVDI Streamlined Streamlined Procedure Tax Amnesty Tax Compliance
Whistleblowers and § 6103(n)
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Compliance Issues Foreign Tax Preparation Forms and Filings Internal Revenue Code Internal Revenue Service Tax Compliance
3520 Filing Deadline without a Return
Form 3520 Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts and Form 3520-A Annual Information Return of Foreign Trust with a U.S. Owner are…