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On May 16, 2011, the Internal Revenue Service announced that interest rates for the calendar quarter beginning July 1, 2011, will remain the same as in the previous quarter. The rates will be: four (4) percent for overpayments (three (3) percent in the case of a corporation); four (4) percent for underpayments; six (6) percent […]
Often, I receive specific questions from my clients with respect to whether certain types of accounts should be reported on the Report of Foreign Bank and Financial Accounts (“FBAR”). Recently, one of my clients wanted to know whether he needs to report his personal and homeowner’s lines of credits on the FBAR. A little disclaimer […]
Every quarter the U.S. Department of Treasury publishes its official currency conversion rates (they are called “Treasury’s Financial Management Service rates). While there are many uses for these rates, the current (March 2011 revision) FBAR instructions require their use, if available, to determine the maximum value of a foreign bank account. In particular, the FBAR […]
This article will cover the options that are available for married couples where one spouse is a non-resident alien and the other is a U.S. citizen. A nonresident alien is an alien who has not passed the green card test or the “substantial presence test” under IRS rules. For the purposes of this article, a […]
The Foreign Accounts Tax Compliance Act (FATCA) was enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (“HIRE Act” or “Act”). In addition to specific requirements and a withholding tax, FATCA imposed a new foreign asset disclosure requirements on U.S. persons. This article will give a general summary about FATCA disclosure […]