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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 […]
Once in a while, I get a question from my clients on how long and what type of records they need to keep after they file their tax returns. Generally, you should keep any and all documents that may have an impact on your federal tax return. For example, it is a good idea to […]
This is a reminder to the individual taxpayers that they have until the April 18, 2011, to file their 2010 tax returns. Taxpayers have an extra weekend to file this year because of a District of Columbia holiday on April 15. If you cannot meet the April 18 deadline, file an extension (Form 4868, Application […]