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2014 streamlined procedure vs. Streamlined streamlined procedure: What’s the Difference?
In 2009, the IRS unveiled a new program called the streamlined procedure, or Offshore Voluntary Disclosure Program, which has been making legal and financial waves throughout the international community ever since. By participating in the streamlined procedure,...New IRS Reporting Requirements for RRSP Account Holders
RRSP stands for Registered Retirement Savings Plan. RRSPs are Canadian accounts, and are used to hold investment assets and savings. In October of 2014, the IRS updated its RRSP policies to make filing requirements simpler for US taxpayers, and under...US Taxpayers who Utilize Foreign Tax Exclusions can Reduce Double Taxation
Individuals who work and live abroad, but who are US citizens or green card holders, are often confused by their tax obligations. One of the most frequently stated concerns from potential clients is their desire to avoid double taxation to the fullest extent possible....Who Needs to Report Foreign Assets Under FATCA?
The Foreign Account Tax Compliance Act, often shorted to FATCA, was introduced in March of 2010. FATCA targets US taxpayers who attempt to evade their tax obligations by concealing assets with foreign financial institutions (FFIs), and non-compliance could result in...US non-resident aliens must understand FDAP & ECI to achieve international tax compliance
The United States and its Internal Revenue Service (IRS), as a general rule, taxes US citizens and US resident aliens on their worldwide income. For citizens and other covered individuals, the tax on worldwide income is typically imposed regardless of the country or...