America’s rich are renouncing their citizenship at record levels. New data from Uncle Sam show that defections by Americans are expected to double this year, largely to avoid any stiff tax bills resulting from the proposed 55 percent hike on the rich; as well as the likely expiration on Dec. 31 of the Bush era…
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FATCA Compliance deadline extended for QIs
The US Internal Revenue Service (IRS) is giving qualified intermediaries (QIs) an extra year to achieve compliance with the Foreign Accounts Tax Compliance Act (FATCA), which requires foreign banks to notify the assets of US taxpayers to the IRS. Foreign banks cannot remain as QIs unless they become FATCA-compliant, and those whose QI status expires…
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DISREGARDED ENTITIES – DISREGARDED FOR ALL PURPOSES?
Under the check the box rules, entities owned by one person can often be disregarded for federal tax purposes. Such entities are referred to as "disregarded entities." As time has progressed since the passage of the check the box rules, the IRS has created more and more exceptions to the disregarded treatment. For example, disregarded…
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Are FBAR and FATCA requirements keeping you up at night?
We have simplified it; here is what lies ahead as it relates to FATCA implemtation over the next 5 years: If you have any questions regarding FATCA or Unreported Offshore Income, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243). For…
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