Posts tagged "Foreign tax credits"

How to Find Out if Your Foreign Tax Qualifies for an IRS Credit

The Internal Revenue Service has published an article to help you determine whether foreign taxes you pay qualify for the Foreign Tax Credit.  They list four criteria for you to evaluate the taxes you paid outside the United States. In brief, they are:

New IRS Videos Help International Taxpayers With Their U.S. Tax Filing Questions

Paying U.S. taxes while overseas doesn't have to be difficult with this year's improved IRS.gov help guides. In addition to the standard International Taxpayer page, U.S. citizens and other international taxpayers living outside the U.S. can now watch videos to learn about the following topics:

87-year old Florida man receives highest FBAR penalty for Swiss account.

A federal jury found that Carl Zwerner must pay more than $2 million for wilfully failing to file Reports of Foreign Bank and Financial Accounts (FBARs). In this case, the IRS sought a 50 percent penalty for each of the four years at issue, for a total of 200 percent in a civil case. Clearly, the punishment for not coming forward and reporting offshore accounts is pricey. In this case, the highest value of the account over the four years was approximately $1.55 million, but the total penalties for failing to file this report, which carries no tax, were approximately $2.24 million.

U.S. Supreme Court Hears Oral Argument on Foreign Tax Credit Dispute

I've recently blogged about the plethora of multi-jurisdictional tax issues which continue to increase as business becomes ever more globalized. On February 20th, the U.S. Supreme Court yesterday heard oral argument in PPL Corp. v. Commissioner. In PPL, the Court is considering:

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