For decades, U.S. tax authorities did little to enforce laws on offshore accounts. However, all of that changed in 2010 when Congress passed the Foreign Account Tax Compliance Act, known as FATCA. FATCA requires foreign financial institutions to report information about their U.S. account holders to the Internal Revenue Service. Failing to comply …
IRS
Charity Begins At Home
If you are one of those generous souls who makes significant charitable contributions each year, be sure you document contributions the right way or be prepared for a possible losing duel with the IRS over the tax deductibility of your contribution over $250. All contributions that exceed this amount are only deductible if you have a receipt from …
The Biggest Little Law Firm® Asks “Offshore Accounts and Investments: Safe Haven or Headaches?”
There has been much discussion in today's political climate about the federal government's deficit and increasing debt. Included in any discussion on this topic are two elements - increasing taxes on the wealthy and repatriating and taxing foreign investments and/or offshore accounts. While it is up to Congress to increase taxes on the wealthy, the …
