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U.S. persons, regardless of residence location and regardless of dual citizenship, are required to self-report their non-U.S. assets to FinCEN on an annual basis. [23] According to qualification criteria, individuals are also required to report this information on IRS information-reporting form 8938.
If you hold foreign assets worth over $50,000 for a single filer and $100,000 for joint filers, you must fill out Form 8938, identifying the institution where the assets are held and the highest ...
A Swiss annuity is considered a foreign financial account and reportable to the U.S. Department of Treasury each year by filing Form TD F 90-22.1 (the "FBAR"). Further, a Swiss annuity generally is considered a specified foreign financial asset, which must be reported annually using IRS Form 8938 assuming the value is above certain thresholds.
Form 8938, that needs to be filed by individuals having more a threshold amount of money in foreign financial accounts, where the threshold depends on whether filing as an individual or as a couple, and based on whether one is living in the United States or abroad.
From due date extensions to settlements, the IRS offers several tax debt relief options that can make your bill more manageable. Exploring income-increasing opportunities, borrowing money from ...
A tax inversion or corporate tax inversion is a form of tax avoidance where a corporation restructures so that the current parent is replaced by a foreign parent, and the original parent company becomes a subsidiary of the foreign parent, thus moving its tax residence to the foreign country. Executives and operational headquarters can stay in ...