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FBAR PFIC Reporting is an important issue for U.S. shareholders of passive foreign investment companies (“PFICs”). I will now briefly explore the FBAR PFIC Reporting requirement and when it applies to U.S. shareholders of a PFIC. FBAR PFIC Reporting: FBAR Background FinCEN Form 114, the Report of Foreign Bank and Financial Accounts, commonly known as […]
There are two definitions of who qualifies to be Seattle FATCA lawyers. First, Seattle FATCA lawyers are lawyers who are work in Seattle and who specialize in helping U.S. taxpayers and/or foreign financial institutions with FATCA compliance. The second type of international tax attorneys who can qualify as Seattle FATCA lawyers became possible as a […]
There is a confusion in general public about the H1B holder FATCA requirements. The key concept that lies at the heart of the U.S. tax obligations of an H1B holder is tax residency (which is very different from the definition of a U.S. permanent resident in immigration law). In this article, I will discuss the […]
“I am working in US on L1 Visa and I have foreign accounts” – this is the phrase that I often hear from various callers. Usually, these persons know very little about their US tax obligations and are concerned about their US tax compliance. Let’s analyze this phrase – “I am working in US on L1 Visa […]
Mexican Fideicomiso is one of the most convenient ways for U.S. persons to purchase land in Mexico. Of course, one can purchase the land through a Mexican corporation, but such an arrangement will require additional tax planning and higher annual compliance costs, including potentially filing form 5471, Form 8938 and other forms. Therefore, most U.S. […]