Notice 2012-45 This notice provides guidance regarding the treatment of certain government bonds for purposes of determining whether a foreign corporation is a passive foreign investment company (PFIC). Section 1297(a) provides that a PFIC is any foreign corporation if 75 percent or more of its gross income for the taxable year is passive income or…
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California Franchise Tax Board (FTB) To Issue 475,000 Tax Levies for Delinquent Tax Debts
If you or your clients have tax problems and owe California State income taxes, the Tax Man Cometh! The California Franchise Tax Board (FTB) is collecting delinquent tax debts through the Financial Institution Record Match (FIRM) program. FIRM uses automated data exchanges to locate bank accounts held by Californians who have tax debts. The FIRM…
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IRS Says Foreign Financial Institutions Can Register for FATCA Participation Online
Foreign financial institutions (FFIs) that want to register to participate under the Foreign Account Tax Compliance Act can do so online. The government tried to create a process that would make it easy for foreign banks to participate. Under the law, banks are required to report U.S.-owned accounts to IRS or face, in some cases,…
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IRS announced a plan to Help U.S. Citizens Overseas Become Compliant
WASHINGTON — The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues. "Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations…
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