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Tuesdays with Morey - Tax Tips®

Tuesdays with Morey Tax Tips provides Tax Tips for people living and or working outside of the United States. These are citizens of the United States that live or work outside of the country and need valuable information on items concerned with filing their United States Tax Returns. Tuesdays with Morey Tax Tips includes information such as off-shore banking accounts and the requirements for filing and declaring these off-shore accounts. Tuesdays with Morey Tax Tips adds great value to those who are still confused on their tax obligations when living or operating a business off-shore.
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Apr 12, 2016

Many of today’s accountants are not familiar with the tax rules and regulations of owning foreign assets, foreign corporations or foreign bank accounts. Through the Fair and Accurate Credit Transactions Act (FACTA), companies and individuals are required to voluntarily disclose any foreign assets. In addition, if a foreign held account contains more than $10,000, a Schedule B must be prepared at tax time to alert the IRS of its existence. Some people may believe moving money or other assets, like gold and silver, offshore without paying a withholding tax is legal, but it’s not.

 

Key Takeaways:

[1:11] What exactly is FACTA and how does it affect foreign banks?

[4:20] US citizens should make their future financial plans while still in the US, before moving to a foreign country.

[5:55] Even Swiss banks had to turn over the names of account holders before voluntary disclosure measures were put in place.

[7:40] Many accountants don’t know foreign account holders must file a Schedule B, if there is more than $10,000 in an account.

[10:08] Morey believes new taxes will be imposed on corporations who move workers offshore.

[11:38] Moving gold and silver offshore without paying the 30% withholding tax is called money laundering and it’s illegal.

[13:50] Protecting your assets should be your primary financial goal.

[16:23] Why it is important to talk to an expert to get the correct information for your personal tax strategy.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

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