Subpart F in a Nutshell

Yesterday, Denton & Fahring was pleased to present to the "CPA Academy" on "Subpart F in a Nutshell." The Academy has archived the presentation and, if you're looking for a truly riveting hour-long talk on the ins and outs of international tax compliance, it will probably grace those dusty halls / computer servers in perpetuity … Continue reading Subpart F in a Nutshell

IRS Reminder: Avoid Offshore Accounts or Report Them; Voluntary Disclosures Come to an End in September

The IRS recently published its annual “Dirty Dozen” list of tax scams, with offshore accounts remaining squarely on that list. Over the years, some U.S. individuals and business entities have attempted to avoid U.S. taxes by “hiding income in offshore accounts, brokerages…nominee entities…foreign trusts, employee-leasing schemes, private annuities or insurance plans.” Others may have innocently … Continue reading IRS Reminder: Avoid Offshore Accounts or Report Them; Voluntary Disclosures Come to an End in September

Form 8938: Not Just for People Anymore

Beginning with the 2016 tax year, certain domestic entities (e.g., corporations and partnerships formed in the United States and trusts subject to supervision by a court in the United States or controlled by U.S. persons) will be required to file a Form 8938 (“Statement of Specified Foreign Financial Assets”) with their federal income tax returns. … Continue reading Form 8938: Not Just for People Anymore

New Deadline For Filing FBARs

As a result of the Veterans Health Care Choice Improvement Act of 2015 (the “Choice Act”), the deadline for filing a FinCEN Form 114 (a.k.a. “Report of Foreign Bank and Financial Accounts” or “FBAR”) for 2016 is the same date federal income tax returns are due, April 18, 2017. (Yes, it’s usually April 15th, but … Continue reading New Deadline For Filing FBARs