Foreign Corporation

Time Is Running Out For Taxpayers To Take Advantage Of The Offshore Voluntary Disclosure Program

Time Is Running Out For Taxpayers To Take Advantage Of The Offshore Voluntary Disclosure Program

Under current law, U.S. taxpayers must report certain offshore assets. Each "US person" with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country must file a Report of Foreign Bank and Financial Accounts (more commonly, FBAR) if the aggregate value of such accounts at any point in a calendar year exceeds $10,000. 

Obama’s Anti-Abuse Rules Slashed Tax-Motivated Inversions

Obama’s Anti-Abuse Rules Slashed Tax-Motivated Inversions

An inversion arises when a U.S. corporation either creates a foreign corporation to be its new parent or merges into a smaller existing foreign corporation.  After the inversion, the combined firm can lower its U.S. tax bill by shifting profits abroad, either through inter-corporate transactions or increased operations abroad.