Delay – Foreign Account Tax Compliance Act

In a move that is of no surprise, the United States government has announced a delay to the due date for compliance with FATCA until 2014. This comes as a result of pressure to allow affected parties, namely foreign financial institutions, more time to implement the...

FATCA – the effects felt by New Zealand

As a practitioner in United States taxation, I am already fielding calls from concerned citizens of the United States residing in New Zealand. One of the most significant calls I have had is concerning a United States citizen allegedly being denied access to...

Offshore Voluntary Disclosure Initiative

Just as a footnote to the delay in the FATCA effective due date, I note no word from the IRS about an extension to the Offshore Voluntary Disclosure Initiative (OVDI). This is currently set to expire on August 31, 2011. If you are unsure about what this means for you,...

Self-employment tax explained

Unbeknownst to many people, self-employment tax is a Federal tax that is imposed on net self-employment earnings. This is the case even when those earnings come from sources outside the United States. The rate (normally 15.3%) is reduced by 2% for the 2011 calendar...
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