Foreign Issues

CNBC

Given that most of us just got finished our tax returns and paying Uncle Sam, a few individuals are saying enough is enough and renouncing their citizenship.  Well, you can't just do that without tax consequences.  I loved this CNBC article on the "exit tax".  Obviously, the government thinks of everything.

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CCH News Release

March 9, 2012

In the second part of this series, we discuss the U.S. tax filing requirements of a nonresident alien investor, and the various steps an investor needs to take in order to have a complete tax return. We also discuss the process of authorizing a CPA firm to handle an investor's tax return, and an overview of the various other forms associated with the U.S. Nonresident Alien Income Tax Return.

March 2, 2012

With strong performance in 2011, closed-end real estate funds still offer an attractive way for the foreign investor to invest in U.S. real estate.  Foreign investors considering investing in a closed-end fund have a complex set of rules to learn and several steps to follow to ensure they are properly complying with U.S. tax law.   In this article, the first of a three-part series, we hope to provide a helpful guideline for the foreign investor, with a general overview of what a closed-end fund is, a summary of  U.S. tax law, and a list of the steps that the investor needs to take to comply with U.S. tax law. 

Wall Street Journal

A recent article on the reporting requirements for individuals with offshore assets.

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IRS News Release

The rules related to reporting foreign assets get even more complicated in 2012. Here, the IRS announces the new rules, but be sure to also read Mary Ann's recent article on the new reporting requirement for a more in-depth study.

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Nicole Lasseter

The branch profits tax is a branch-level tax on the repatriation of earnings, in the form of dividends, from a foreign corporation's branch in the United States to the home office in the foreign country. 

Ashley Erwin, CPA

As you prepare to go back to your home country, your current year income tax return may cross your mind, but probably is not perceived as a priority for getting out of town. If returning permanently, you may be thinking that, at year-end or the beginning of the next year, you'll inform your CPA that you're no longer in the U.S. and you can move forward with your last U.S. income tax return.

Mary Ann Rosenberg, CPA

In a continuing effort to ensure reporting of worldwide income by U.S. taxpayers, the IRS has new reporting requirements for U.S. citizens and resident aliens with specified foreign financial assets.

Wade Wilson, CPA

A colleague recently posed the following situation: a client in the United States was hiring foreign contractors to perform services for the company from their home countries. He was paying them in U.S. dollars but sending the payments to the contractors in the foreign country. He was wondering what the tax reporting implications of such a transaction would be.