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A social security number is now required to obtain or renew a U.S. passport

A social security number is now required to obtain or renew a U.S. passport

by Jeffrey | Nov 15, 2018 | Uncategorized

Any American who wishes to obtain or renew a U.S. passport will now be required to first have a social security number. If the first-time applicant is over the age of 12, he/she can get help through the Swiss Embassy in Bern or the Consulate in Zurich to obtain the...
IRS confirms the end of the Offshore Voluntary Compliance Program (OVDP) as of September 28, 2018

IRS confirms the end of the Offshore Voluntary Compliance Program (OVDP) as of September 28, 2018

by Jeffrey | Nov 15, 2018 | Uncategorized

The IRS has recently confirmed that they will be ending their OVDP program as of September 28th, 2018. The OVDP program was put in place to help U.S. taxpayers with undelcared foreign income and foreign financial accounts to come back into compliance within a...
Foreign owners of U.S. real estate and stocks may face estate tax issues

Foreign owners of U.S. real estate and stocks may face estate tax issues

by Jeffrey | Nov 15, 2018 | Uncategorized

Individuals outside the United States own billions of dollars worth of U.S. real estate and stocks such as Apple, Amazon, Netflix and Tesla. What most of these investors don’t realize is that owning these assets exposes them to possible U.S. estate tax liability. In...
Foreign owners of U.S. LLC’s are no longer anonymous

Foreign owners of U.S. LLC’s are no longer anonymous

by Jeffrey | Nov 15, 2018 | Uncategorized

As of tax year 2017, any non-U.S. person that wholly owns an LLC will likely be required to file Form 5472 to report their ownership and certain financial transactions with the LLC. This rule has been instituted, in part, to enhance U.S. compliance with international...
Green Card holders are subject to U.S. tax and reporting requirements

Green Card holders are subject to U.S. tax and reporting requirements

by Jeffrey | Nov 15, 2018 | Uncategorized

Winning the Green Card lottery can seem like a great stroke of luck until you find out about the income tax and financial reporting requirements that come with it. No matter where you live, Green Card holders are treated just like U.S. citizens when it comes to...
Effects of 2017 tax reform on U.S. owners of foreign corporations

Effects of 2017 tax reform on U.S. owners of foreign corporations

by Jeffrey | Nov 15, 2018 | Uncategorized

The tax reform legislation passed at the end of 2017 is mostly neutral to beneficial for U.S. taxpayers living abroad. The one major exception applies to U.S. persons who own foreign corporations. Prior to the tax reform, profits from most foreign corporations were...

Recent Posts

  • Foreign owners of U.S. real estate and stocks may face estate tax issues
  • IRS confirms the end of the Offshore Voluntary Compliance Program (OVDP) as of September 28, 2018
  • A social security number is now required to obtain or renew a U.S. passport
  • Foreign owners of U.S. LLC’s are no longer anonymous
  • Green Card holders are subject to U.S. tax and reporting requirements

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