Becoming Compliant with FBAR (And Why You Should)

In recent years, the IRS has been taking a closer look at Form TD F 90-22.1, otherwise known as FBAR. The filing requirements for FBAR are confusing, but it is important to meet those requirements in order to help avoid an audit. Here are some of the guidelines you should follow when you are filling out your annual report of foreign financial accounts. Who FBAR applies to All U.S. persons - … [Read more...]

Form 8865 – IRS Form for Foreign Partnership Ownership

If you are a US tax payer who owns 10% or more of a foreign flow through a Limited Liability Company (LLC) or a foreign partnership, you should file Form 8865 together with your Individual Income Tax Returns. Form 8865 will indicate the annual Balance Sheet and the Income and Expense Statements of the foreign partnership. This report will also show the details of the partnership including your … [Read more...]

Foreign Pension Plan Contributions – When are they Taxable under US Tax Laws

If you are a US Expatriate employed by a foreign employe you are allowed to make contributions to a foreign pension plan. These foreign pension plans usually have advantageous tax treatment under local tax laws. Regrettably, these foreign pension plans normally don’t meet the “qualification rules” of America. Consequently, the advantageous treatment under local laws are not made available to … [Read more...]