The topic of the day:
@VLJeker Forms, forms and forms: Form 8840: The possible cure to having "Overstayed Your Welcome". http://t.co/OV1juCsjTL it's a good form.
— US Taxation Abroad (@TaxationAbroad) July 22, 2014
The problem revealed:
One CAN owe U.S. tax if one has NO U.S. income and is NEITHER a citizen NOR Green Card Holder http://t.co/Pq5WgxUs8K Here's how.
— US Taxation Abroad (@TaxationAbroad) July 22, 2014
The reason as described by Ms. Jeker in the post:
Prologue:
Controlled Foreign Corporations and Subpart F income were introduced here. Tax professionals about written about the dangers of Americans abroad carrying on business through a corporation. In addition to the tax problems (dividends, Subpart F, etc). there are also extremely invasive, expensive and penalty laden reporting requirements. In fact, Form 5471 is arguably America’s most deadly and dangerous form.
For those who want to understand this difficult topic better …
@VLJeker This is great stuff. What about a series on Form 5471?
— US Taxation Abroad (@TaxationAbroad) January 25, 2014
@VLJeker Since its hard to fit in your schedule, perhaps you can write posts focusing on a 5471 "schedule" at a time …
— US Taxation Abroad (@TaxationAbroad) January 25, 2014
Well, she has followed through. Form 5471 is the form required for “Foreign Corporations”. She has written this wonderful trilogy of posts on “Foreign Corporations”. Thank you Virginia La Torre Jeker for the following:
“What you need to know about foreign corporations, but couldn’t even imagine to ask “Triology”.
Should it be reported on your #FBAR? Not even your accountant knows for sure http://t.co/QBqxXKqSH5
— US Taxation Abroad (@TaxationAbroad) April 15, 2014
The deadline is fast approaching. Mr. FBAR has been updated and modernized.
He has a new name (Form 114).
He has a new look.
He must now be filed online.
He is still one of the U.S.A.’s deadliest forms.
But, the question still remains:
What exactly is required to be reported on your FBAR?
Taxpayers “navel gaze” in fear!
How much of your life is reportable on #FBAR? Nobody knows for sure. Interesting comments at @IsaacBrockSoc blog http://t.co/pGx5H31kOs
— US Taxation Abroad (@TaxationAbroad) April 15, 2014
Tax professionals continue to educate!
“Foreign” Online Gambling Accounts – IRS Says FBAR Filing is Required | Let's Talk About: US Tax http://t.co/xCythtr6Lt
— V. La Torre Jeker JD (@VLJeker) April 14, 2014