One of the many benefits of using tax professionals for advice and return preparation is to ensure that income is attributed to the correct source on an income tax return. A commonly made error is incorrect sourcing. For example, many taxpayers incorrectly assess...
The proposed Treasury Regulations concerning Chapter 4 of the Internal Revenue Code, Taxes to Enforce Reporting on Certain Foreign Accounts, otherwise known as FATCA (Foreign Account Tax Compliance Act) were released in February 2012. The 388-page Regulations...
The NZ Bankers’ Association made a submission to the IRS in June 2011 requesting that banks registered under the Reserve Bank of New Zealand Act be exempted from their obligations under FATCA. The submission, which was dated 7 June 2011, also endorses...
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...
One more tip… If you are determining whether you even need to file a return for 2010, you must include earned income in determining whether you are over the threshold and need to file. This is irrespective of whether you qualify to back out the income using the...
