Serve Your Clients First FATCA Last
Step back from all the changes your financial institution has undertaken in the past year – Did you do the changes to increase customer satisfaction or to make the IRS happy? Chances are your...
View ArticleThe IRS Taxes All Income, Legal or Not
Is there a difference between trading tickets with a friend for a stay at their vacation home and scalping tickets for a big game? One you might see as a legal trade and the other as obviously illegal....
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Serve Your Clients First, then FATCA
Don’t ruin your customer relationship to meet FATCA requirements Jeffrey S. Freeman, J.D., LL.M Step back from all the changes your financial institution has undertaken in the past year – Did you do...
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Two Forms to File Foreign Assets
Similar, but both Form 8938 and FBAR Form 114 may be necessary At first glance Form 8938, Statement of Specified Foreign Financial Assets, and FBAR (Foreign Bank Account) FinCEN Form 114 appear very...
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You forgot to file FBARs and pay U.S. tax on your foreign financial accounts....
You are trying to correct your wrongs, but what if it was just an honest mistake? In Part One we looked at the harsh civil and criminal penalties that you are open to by not filing FBARs on your...
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Ignorance Could Mean “Willful” With the IRS
“I didn’t know” won’t get you very far with the IRS during an audit, especially when you have undisclosed foreign financial accounts…. Jeffrey S. Freeman, J.D., LL.M Whenever you play Monopoly you...
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Citizens leave, Companies Invert
Taxes seem to be motivating citizens and companies alike to look for foreign homes Jeffrey S. Freeman, J.D., LL.M FATCA has caused shake ups worldwide among financial institutions and foreign account...
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Technology Must Bridge the Gap Between Your Financial Institution’s Existing...
Jeffrey S. Freeman, J.D., LL.M When a bank or financial institution develops its plan to ensure that its organization is FATCA compliant it must remember that the financial institution’s existing...
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Free Webinar Helps Taxpayers With Off Shore Assets Become IRS Compliant
OVDP webinar event presented by Jeffrey S. Freeman, J.D., LL.M of Freeman Tax Law will help answer IRS Tax questions Birmingham, MI September 17, 2014 – Do you currently have an offshore bank account...
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Legal or Not, the IRS taxes all income
The World Cup brought ticket scalping into the spotlight, but the IRS always remembers Is there a difference between trading tickets with a friend for a stay at their vacation home and scalping tickets...
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I just want to open a bank account
Foreign banks are saying no to money from U.S. citizens and telling them to open accounts elsewhere Jeffrey S. Freeman, J.D., LL.M Being an American will help you get directions overseas, but the...
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Hong Kong joins the FATCA and Global Transparency Movement
In efforts improve tax transparency and combat cross-border tax evasion Hong Kong joins in global transparency Jeffrey S. Freeman, J.D., LL.M Like a snowball rolling down the mountain, the push for...
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Jeffrey S. Freeman Is The Keynote Speaker About FATCA At The American Chamber...
The presentation on October 17, 2014 will discuss how FATCA has changed the world and provide perspectives for financial institutions and expatriates Shanghai, China October 14, 2014 – As of June 30,...
View ArticleNo More Cloak Of Secrecy For Your Swiss Accounts
The United States started the investigation in Switzerland accusing banks of aiding their clients in avoiding their tax responsibilities on Swiss Accounts. Several years later this is more than just an...
View ArticleThe IRS’ Intent Has Yet To Be Proven
The IRS offshore disclosure programs were created to bring those with unpaid taxes from their offshore accounts to rectify their errors. Intentional or not, the offshore voluntary disclosure programs...
View ArticleU.S. Tax Shelters For Immigrants
Great coverage has been given to the treatment of U.S. citizens at foreign financial institutions. Whether the foreign banks want the U.S. clients or not should not deter foreigners from looking to the...
View ArticleUpdated Rules Under Fatca
The IRS required all withholding foreign partnerships (WFPs) and withholding foreign trusts (WFTs) to renew their status with the IRS by the end of August 2014. This is the first of several changes...
View ArticlePositive Changes under FATCA for withholding foreign partnerships and trusts
Updates to Chapter 3 Rules for withholding partnerships and trusts under FATCA Jeffrey S. Freeman, J.D., LL.M The IRS required all withholding foreign partnerships (WFPs) and withholding foreign trusts...
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File your taxes even if you can’t pay them
With failure to file penalties greater than the failure to pay penalties, it is in your best interest to file your taxes even if you cannot afford to pay them. Jeffrey S. Freeman, J.D., LL.M Times are...
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Non-residents Aliens receive relief from FATCA withholdings
IRS announces relief for accounts opened recently by non-residents aliens Jeffrey S. Freeman, J.D., LL.M In a notice on October 16, 2014 (Notice 2014-59, 2014-44 IRB) the IRS announced changes to the...
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