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For taxpayers with undisclosed offshore accounts and who are looking to do an FBAR voluntary disclosure with the IRS, it is crucially important to understand that FBAR disclosure is a legal issue that should be handled by an international tax attorney. Confusion Over the Roles of Legal and Accounting Professions in FBAR Disclosures I receive […]
The IRS recently released Rev. Proc. 2013-21 detailing the updated price inflation adjustment limitations on depreciation deductions and lease inclusion amounts for passenger automobiles first placed in service during calendar year 2013. These adjustments are required under Internal Revenue Code Section 280F. If you need advice relating to these matters, or any other tax or […]
On March 6, 2013, the IRS issued statistics for the tax year 2008 with respect to foreign corporations controlled by U.S. corporations. These statistics emphasize the important growth in controlled foreign corporations (“CFCs”) and Form 5471. IRS Statistics Published in Statics of Income Bulletin (Winter 2013) In the tax year 2008, some 83,642 foreign corporations […]
In an earlier article, I already explained why the FBAR disclosure is a legal issue. In terms of their lineage, Forms 8938 are very similar to the FBARs. While the FBARs are the creation of Bank Secrecy Act, Form 8938 is a creation of a legislation of a similar nature – FATCA (Foreign Account Tax […]
With the uncertain economic environment in the past few years, many individuals who own rental estate property have faced substantial losses. A question that often arises is whether such losses can be deducted, and if so, by how much? This article strives to answer these questions in general and provide a basic understanding of the […]