It’s A Flat World After All
We defend the position that the Bible is literally true and scientifically accurate in every detail. - Kent Hovind Where wast thou when I laid the foundations of the...
Clean Up Your Foreign Reporting Deficiencies Before It Is Too Late
The simplest disclosure requirement is the FBAR, which is required if you had ownership or signature authority over foreign accounts aggregating over $10,000. The FBAR is filed electronically with the treasury not the IRS. As foreign disclosures go it is not so bad, but it can be bit of a chore as you can see from the instructions. The penalties for not filing are very nasty.
Then there are the forms that have to be filed with the IRS. Form 3520 – Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Form 8938- Statement of Specified Foreign Financial Assets.Form 5471 – Information Return of US Persons With Respect To Certain Foreign Corporations. Form 8621 – Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. Form 8865 – Return of US Persons With Respect to Certain Foreign Partnerships.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.