Updated Tax Seminar by Richard S. Lehman

What America does not know is the Internal Revenue System (I.R.S.) now has all of the tools necessary to find an American’s assets and sources of income.

Two pieces of Tax Legislation have been phased in over the last few years. Those two pieces of legislation, together with existing law, now make sure that every United States taxpayer’s assets and source of income, both foreign and domestic, will be included in an information return or a tax return that must be filed with the Internal Revenue Service of the United States.

These two new laws require U.S. Taxpayers to report all of their interest in foreign assets and shortly will require every foreign financial institution and many foreign non financial entities to report all payments to U.S. Taxpayers or the foreign institution will have to pay that tax. 

The presentation below is 1 hour and topics are: 

1. The Foreign Account Tax Compliance Act (FATCA)
   (Beginning Taxable Year 2011)
2. Foreign Financial Institutions (FFI’s) Report On Americans
   (Beginning in 2013)
3. I.R.S Grants NEW Amnesty Program
   (Beginning Taxable Year 2012)

Many more free informative Tax Law Seminars are available at www.ustaxlawseminars.com

IRS is aware of how much taxation is not being collected because of overseas bank accounts and transactions that have not been included in Americans income tax. Simply not reporting has serious consequences.

The IRS is making major push to make sure this is curbed. The IRS now has a several pronged approach to the full disclosure issue when it comes to Americans doing business around the world.

Americans as of last year have had to disclose all of their foreign assets to the I.R.S. and soon Foreign banks, and foreign institutions must soon report on U.S. accounts or the banks will force large U.S. taxes. Furthermore, since last year Americans had to disclose their interests in foreign assets. The foreign institutions are already gearing up for this.

If it has been decided that you are not eligible for the I.R.S Safe Harbor - then you will use the law.

There are many ways to recover valuable income tax refunds from losses from financial crimes that are either not actual ponzi schemes or that are Ponzi Schemes that do not fit the standards of the safe harbor.

The law permits tax deductions for losses from financial fraud under the theft loss deduction category. This is a more difficult task than relying on the safe harbor rules. The taxpayer must be careful to prove the theft, the amount of the loss and the time of the loss if the taxpayer is going to be successful.

The IC-DISC has been approved as an acceptable tax planning entity for the export of American produced computer software and programs

The Export Disc Corporation 

Computer Software And Internet Sales And Licenses

 Before the issuance of the Software Regulations, there was uncertainty about the taxation of computer program transactions. Computer programs did not fit traditional tax principles. Computer programs are usually sold pursuant to "license" or "user agreements".  A computer program transaction is unlike a sale of a physical object since the value of the program copy far exceeds the value of the physical medium on which it is transferred. Computer  programs, in fact are transferred electronically. Often, there is no physical medium at all.

For purposes of determining the applicability of the DISC to computer software exports, two key analyses are often required. First, (1) is the software "export property" for DISC purposes and (2) is the software product's source of income "from without the U.S."? Is the product for use, consumption or sale without the U.S.?

Click here to read full article by Richard S. Lehman, Esq

LISTEN TO PODCAST:
UPDATE: The benefits of U.S. Exporting computer software and internet sales and licenses

The truth about the EB5 Visa and United States taxation on worldwide income

The truth about the EB5 Visa and United States taxation on worldwide income

The New I.R.S. Amnesty Program

New U.S. Tax Laws for 2011, 2012 and 2013 from Alfred Zucaro Jr. Esq. on Vimeo.

THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)

AMERICANS NOW REQUIRED TO DISCLOSE ALL FOREIGN FINANCIAL ASSETS 

A little known new law was enacted for the year 2011 that requires, that once certain minimum amounts are exceeded, any specified person that holds any interest in a specified foreign financial asset during the taxable year to attach a statement to that person’s U.S. tax return and report information that identifies the value of those specified foreign financial assets in which the individual holds an interest.

Specified foreign financial assets include financial accounts maintained by foreign financial institutions, as well as certain other financial assets or instruments.  An asset or instrument may be a specified foreign financial asset even if the asset or instrument does not have a positive value.
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