Compliance challenges are even more significant since the introduction of the Foreign Account Tax Compliance Act (FATCA).
Under FATCA a number of foreign jurisdictions will automatically report bank account information of a U.S. resident taxpayer (U.S. Person) to the Internal Revenue Service. The significant penalties for non-compliance can be very costly.
CST’s U.S. tax team can assist U.S. taxpayers not only with U.S. tax laws – we can also ensure that clients are properly advised about the use of foreign companies or trusts to ensure their income tax positions are the most efficient for their personal circumstances.
We care. CST’s guiding philosophy is to understand and have empathy with our clients while providing specialist professional tax advice and services. If you need integrated cross border tax advice and compliance our renowned team is able to help you.
Section 6048 requires US taxpayers to make an annual report...Read more
This article relates to foreign business founders with an active...Read more
In our previous article on the topic of sales tax...Read more