International Tax Blog
Welcome to the Sciarabba Walker International Tax Blog! We will be sharing original, informative, engaging content that examines a variety of international tax issues as they relate to individuals and businesses. Our International Tax Group stays up to date on the latest rules and regulations that affect our international tax clients. We are committed to assisting our clients on tax reporting issues related to the ownership of foreign assets, receipt of income from abroad, foreign financial transactions, and more.
Check out our blog for helpful tips, analysis, and examples of the issues that affect clients and how we are able to assist. And feel free to reach out to us anytime—we are here to help.
Disclaimer: The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
In this International Tax Blog series we have been discussing the implications of failing to disclose foreign accounts to the U.S. government. The required form to disclose foreign accounts is FinCEN 114, Report of Foreign Bank and Financial Accounts, commonly...read more
Many people are surprised to learn that they actually do have foreign accounts to report and should have been reporting them for some time. The required reporting form is the FinCEN 114, Report of Foreign Bank and Financial Accounts, commonly referred to as the FBAR...read more
When people read the words “IRS” and “foreign account,” their first thought often is to ignore it, because they do not think it applies to them. However, many people are surprised to learn that they actually do have foreign assets to report. Here are some examples:...read more
Last week we began the story of John and Jane Farkle, U.S. citizens who had decided to expatriate (i.e., renounce their U.S. citizenship) after becoming disillusioned with the U.S. political climate. Unfortunately, the more they learned about the expatriation process...read more
Over the last couple of weeks we have been discussing the expatriation process. A citizen or long-term resident who wishes to permanently sever ties with the United States (i.e. expatriate) must take certain legal steps and pay any taxes due to the United States....read more
Last week we discussed the process of abandoning U.S. citizenship or lawful permanent resident status. This expatriation process involves legal steps as well as related tax filings. Depending on the financial status of the expatriating taxpayer, an expatriation tax...read more
An expatriate is generally defined as someone who has withdrawn from residence in, or allegiance to, one’s native country. But the tax code defines an expatriate a bit more specifically as any U.S. citizen who relinquishes his or her citizenship, or any long-term U.S....read more
Tax Withholding When Business Activities Involve International Entities and Individuals: The Swiss Employee
We recently discussed two situations where US tax withholding was required for transactions between a US business and foreign persons. The first was a situation where investors in an LLC were nonresident aliens. The second dealt with interest being paid to a foreign...read more
Tax Withholding When Business Activities Involve International Entities and Individuals: The Intercompany Loan
In a previous blog we discussed a situation where tax was required to be withheld on profits allocated to LLC investor-members who were nonresident aliens. Today we will look at a situation where a company borrowed money from a foreign parent corporation. Although...read more
Tax Withholding When Business Activities Involve International Entities and Individuals: The Foreign Investors
Last week, we mentioned that US tax withholding may be required when a business deals with a foreign entity or individual. Here is an example of a situation that can arise if a business owner is not aware of the additional compliance requirements when there are...read more