Archive | October, 2012

IRS Form 8938 – Statement of Specified Foreign Financial Assets

October 17, 2012  |   Posted by :   |   FATCA/FBAR,International Investors   |   0 Comments

“FATCA” Tax Reporting Under the Foreign Account Tax Compliance Act (“FATCA”) for tax years beginning after March, 18, 2010, specified persons (i.e. U.S. Citizens, resident aliens), who have an ownership interest in specified foreign financial assets (i.e. foreign financial accounts, foreign stock, any interest in a foreign entity) must file Form 8938 (attached to their […]

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IRS Tax Audit Statistics

October 09, 2012  |   Posted by :   |   IRS Tax Audits   |   1 Comment

In 2010 the IRS audited 1.1% of 142,823,105 individual income tax returns. After 2010, the IRS shifted its tax audit focus away from large corporations (assets over $250 million). Instead, the IRS has spread its tax audit focus among disparate taxpayers as follows: 1) Increased tax audits for pass-through entities (S-Corporations, Partnerships). Previously, in 2010, […]

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International Investors

October 01, 2012  |   Posted by :   |   International Investors   |   0 Comments

Up to 5 million international investors invest in the U.S. annually (on a non-immigrant basis).International “jet-set” investors may legally invest annually in the U.S. without paying U.S. income, estate, or gift tax on either their U.S.income (assets) or world-wide income (assets). If the international “jet-set” investors are physically present in the U.S. for less than […]

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