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Member You - Reporting Foreign Financial Accounts
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In the past, the idea of a foreign financial account carried a certain wink factor. The wink, of course, referred to most of these accounts being associated with tax evasion and small, non-descript banks in Switzerland or some other banking haven. Every once
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In the past, the idea of a foreign financial account carried a certain wink factor. The wink, of course, referred to most of these accounts being associated with tax evasion and small, non-descript banks in Switzerland or some other banking haven. Every once
Today, however, the creation and use of foreign financial accounts is fairly common. This is particularly true for businesses. As the economies of the world begin to truly intertwine for better or worse, the need to establish bank accounts in other countries is common.
Unfortunately, the creat
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Today, however, the creation and use of foreign financial accounts is fairly common. This is particularly true for businesses. As the economies of the world begin to truly intertwine for better or worse, the need to establish bank accounts in other countries is common.
Unfortunately, the creat
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It's 2 p.m. and your manager walks up to you with that look on his face. He announces that the company president wants you to give a presentation to him concerning the high profile project you have been working on…and he wants the presentation to start in thirty minutes. Now you have a look on your face as if you had just seen a ghost.d begin to truly intertwine for better or worse, the need to establish bank accounts in other countries is common.
Unfortunately, the creation of a bank or other financial account in another country must be reported to the IRS if the total value of the accounts exceeds $10,000 at any point during the year. This is true for both personal and business accounts.
The reason for the reporting requirement is US citizens and businesses are taxed on their world wide income or revenues. There are, however, a couple ways to get around this to some extent.
If you or your business earns money abroad, you must report the revenues pursuant to some very complex tax regulations. That being said, reporting it does not
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