Foreign Issues

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.

Read the release

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.