Tax Update: FBAR Reporting Requirements
CM Tax Update January 28, 2014 In this update, we outline the reporting requirements of US persons that have a financial interest in or signature authority over a foreign financial…
Tax Implications of Renouncing your US Citizenship
Certain US citizens or long time permanent residents who renounce their citizenship or residence with the United States after June 17, 2008, may be liable for an expatriation tax. The…
US Citizens and Residents living in Jamaica liable for US Taxes
Most of these individuals either work or do business in Jamaica and pay their taxes to the Jamaican government by way of PAYE or through annual returns to Inland Revenue.…
IRS eases Tax Compliance and FATCA Reporting Burden
Effective, July 1, 2014, US persons, that is citizens and green card holders, who live outside the US, can now avoid the onerous $10,000 penalty and the risk of criminal…
Foreign Account Tax Compliance Act (FATCA)
Foreign Account Tax Compliance Act (FATCA)Procedurally, the regulations are issued in proposed form and subject to comment prior to finalization.The U.S. Treasury Department has requested comments by April 30, 2012;…