Author Archives: Catherine Querio
Foreign Corporations & US Tax – The Basics
As providers of US tax advisory and compliance services, based outside of the US, we work daily with foreign corporations (non-US) who do have US tax filing requirements and often US taxes to pay. We frequently see this specifically with our Private Equity and Venture Fund clients. Below is a useful overview of how US taxes work with […]
July Deadline for US Persons with Swiss Bank Accounts
The days of US persons hiding their money in Swiss accounts is coming to a screeching halt. If a foreign bank account (specifically Swiss in this case) had at least $50,000 at any point since 2013 and it was not disclosed to IRS, keep reading as Swiss banks may be inadvertently tattling in the coming […]
How Uncle Sam Gets Most of the Pizza
So, you’ve been living in the US, maybe you were born there, or attended university and then stayed. You’ve worked hard, built up some savings, maybe founded a successful business. Now you are heading elsewhere in the world. Maybe your spouse wants to be closer to family overseas or a new opportunity opens up; whatever […]
ABA Highlights Tax Enforcement Targets
At the American Bar Association (ABA) Conference dated July 7, 2020, The Current State of International Criminal Tax Enforcement, it was announced that the US, Canada, The Netherlands, Australia, and the United Kingdom, (The J5), joined forces in June 2018 in Canada to share operational intelligence, best practices, and coordinate media campaigns and form a […]
‘Heads up’ – FATCA Final Regulations
The US Internal Revenue Service and US Treasury have published what we regard as one of the most important sets of regulations to appear in some time – at least for anyone who happens to be a trustee of one or more trustee documented trusts; or who is a compliance specialist with an institution such […]
FATCA: First criminal conviction for failure to comply
We knew it was coming, but this month we now have the first-ever conviction for failing to comply with FATCA. The US government with help from other countries in what reads like an international James Bond type movie thriller, complete with undercover agents in a sting operation, has shown that they will aggressively pursue those […]
IRS: Pay Up or Lose Passport
The IRS recently announced they sent at least 362,000 names to the State Department to deny or revoke the US passport for those US Citizens who have not paid their taxes. The Internal Revenue Code allows the IRS to certify the tax debt of delinquent US taxpayer to the State Department. Following such notification, the State […]