Golding & Golding, A PLC

Covered Gifts & Bequests for Expatriates & US Tax Requirements Covered Gifts or Bequests for Expatriates & US Tax   Covered Gifts & Bequest: Does the Expatriate Pay Tax: When a person expatriates from the United States and is considered a covered expatriate, there are many tax consequences that will follow them in years to come. One of the main tax consequences for the covered expatriate involves giving gifts or bequests to US persons
401K & Expatriation 401K & Expatriation  401K & Expatriation: When it comes to Expatriation from the United States for Covered Expatriates, one of the most important aspects for future tax purposes is what happens to their 401(k). While the 401(k) does not fall into the mark-to-market equation analysis, it is considered a form of deferred compensation — which means it may still be taxable as a “deemed distribution.” But, unlike other deferred compensation —…
  Title 26 Miscellaneous Offshore Penalty Calculation Title 26 Miscellaneous Offshore Penalty: The Title 26 Miscellaneous Offshore Penalty of 5% is a reduced penalty offered to applicants of the IRS Streamlined Domestic Offshore Procedures (SDOP).   Title 26 Miscellaneous Offshore Penalty: How to Calculate The Title 26 Miscellaneous Offshore Penalty is significantly lower than the FBAR and other offshore penalties a foreign account holder would otherwise suffer if they were  audited. The goal is to leverage…
Red Flags for Tax Fraud Red Flags for Tax Fraud Red Flags for Tax Fraud: When it comes to IRS civil tax violations, tax fraud is one of the worst violations a taxpayer can get investigated for. Not only are the penalties higher than ordinary infractions and violations, but the IRS has a higher burden of proof (clear and convincing evidence) as opposed to regular preponderance of the evidence — which can motivate them to…
Form 8621 Form 8621 Form 8621: When a US Person has foreign accounts, assets, investments, or income — they may have annual IRS reporting requirements. Depending on the type of account — and the value — the reporting may be significant (and oftentimes overwhelming) to a taxpayer with no financial background who simply has some foreign investments in a country they used to reside in. One of the most difficult international reporting forms is IRS…
Procedures for Filing Late Offshore Reporting Forms Procedures for Filing Late Offshore Reporting Forms Procedures for Filing Late Offshore Reporting Forms: The Delinquent International Information Returns Submission Procedures can be deceivingly complex. Some taxpayers may qualify for the IRS Delinquent International Information Return Submission Procedures and avoid offshore fines and penalties. The delinquency procedures are an alternative to the Streamlined Procedures & Voluntary Disclosure. It is generally reserved for non-willful taxpayers who have unreported
FBAR Exchange Rate and Maximum Account Value FBAR Exchange Rate 2020 FBAR Exchange Rate & FBAR Maximum Account Value: Two of the most common questions we receive about the FBAR, is which exchange rate do I use, and how do I calculate the FBAR Maximum Account Value. Briefly, the FBAR is actually a FinCEN Form, in which the IRS has taken over compliance enforcement. FinCEN is the Financial Crimes Enforcement Network, and the FBAR…
FBAR Exchange Rate and Maximum Account Value FBAR Exchange Rate  FBAR Exchange Rate & FBAR Maximum Account Value: Two of the most common questions we receive about the FBAR, is which exchange rate do I use, and how do I calculate the FBAR Maximum Account Value. Briefly, the FBAR is actually a FinCEN Form, in which the IRS has taken over compliance enforcement. FinCEN is the Financial Crimes Enforcement Network, and the FBAR is…