Form BE10 - Form Required by Bureau of Economic Analysis of Department of Commerce for those who own 10% or more of a foreign corporation

Dear Clients,

Please see below link regarding a potential disclosure requirement for 2014 with the Bureau of Economic Analysis. As a courtesy, we are making you aware of the potential requirement. This is not a tax-related filing but is a survey that is required whenever a U.S. person owns 10% or more of any business enterprise overseas. The form is due May 29th5 but you can file an extension.  June 30.

http://www.bea.gov/surveys/respondent_be10.htm

Our firm does  not plan to get involved in these filings as a rule; however, if any of you need help we can see what we can do. If you are conservatively minded you should file the form to avoid any exposure to possible penalties.

Tax Benefits for US Expats Available for College for themselves and Children

There are credits and deductions for many expatriates and residents if they go to college or send their

children to college. Do not overlook these possible tax credits and deductions when doing your return.

READ MORE ABOUT COLLEGE EDUCATION BENEFITS FOR EXPATS AND THEIR CHILDREN HERE 

DIRECTIONS FOR FILING FBAR (FORM 114) FOREIGN FINANCIAL ACCOUNT REPORT ON LINE - THIS IS DUE 6/30/15 FOR 2014

You can download step by step directions for filing the Form 114 (FBAR) to report your foreign financial accounts HERE   If you need help filing this form or want a CPA/Attorney  to file the form for you email us at ddnelson@gmail.com.   Also if you have questions on whether or not you should file the form or need to file ones for past years (the statute of limitations is six years which means if you are required to file the form you should file the past six years) please contact us. www.usexpatattorneycpa.com 

Time Sets Forth Taxpayer Characteristic of Those Most Likely To Be Audited

Those most likely to be audited by the IRS include the following individuals:

• People who show more than $10 million in income or NO income at all!
• People who file International Tax returns and show International Activies on Their Return

The IRS is using various laws and other techniques to locate the  Seven Million Americans who live outside the US.  It appears that over half of those individuals are still not filing annual tax returns as required by law.  If you do file, you do not get doubled tax since you get credit for taxes you pay to foreign countries which directly offset your US income tax on the same income.

There are special reporting forms for US bank accounts, foreign corporations, foreign trusts, foreign partnerships, foreign mutuals funds, etc. Failing to file these forms can result in penalties of $10,000 or more and often the statue of limitations never runs out on the IRS's ability to audit your return if you fail to file these required forms.

Let us help you catch up and enter the programs which currently exist and may be terminated any day by the IRS which reduce or eliminate many penalties for failing to file or filing late.  Email us at ddnelson@gmail.com.  We offer all clients the absolute  legal privacy  of Attorney/Client privilege if required.  Don D. Nelson, Attorney at Law, CPA.

Time Magazine Article on Taxpayers Most Likely to be Audited

Americans Surrendering Their US Citizenship At an All time High

It is getting more complicated daily to surrender your US Citizenship.  It is a two step process. The legal side is with the State Department and costs $2,350 plus you must fill out their forms.  Part two requires that you file final tax returns with the IRS and file a special form that states all of your assets.  If your total net worth on surrender exceeds $2,000,000 or includes certain types of items, you may have to pay an exit tax on the current fair market value of some or all of those assets.  Also if your total assets exceed $2,000,000US you may also be subject to restrictions and conditions on visits to the US after surrender and gifts and inheritances left to US beneficiaries or relatives.

You must have filed the last five years tax returns and your  the amount of tax you have paid during those past five years on your income must be below a certain amount to qualify to get rid of your citizenship without tax penalties

Proper tax planning  will often reduce or eliminates many of these potential IRS tax problems. We have advised or assisted over 100 individual citizens or green card holders (long term ones are subject to the same rules) with the process and often saved them hundreds of thousands of dollars in taxes.Email us if you need assistance or help with the complex process and planning it out.

READ MORE ABOUT CURRENT SURRENDERS IN THE  FORBES ARTICLE HERE

IF ABROAD AND CANNOT USE US POST OFFICE - WHERE AND HOW TO SEND IN TAX RETURNS TO IRS

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Submission Processing Center Street Addresses for Private Delivery Service 

Private Delivery Services should deliver returns to only the following Submission Processing Center street addresses: (Fed Exp and UPS do not deliver to PO Boxes)

Austin - Internal Revenue Submission Processing Center	3651 S IH35,  Austin TX 78741
Cincinnati - Internal Revenue Submission Processing Center	201 West Rivercenter Blvd.,  Covington, KY 41011
Fresno - Internal Revenue Submission Processing Center	5045 East Butler Avenue,  Fresno, CA 93727
Kansas City - Internal Revenue Submission Processing Center	333 W. Pershing,  Kansas City, MO 64108
Ogden - Internal Revenue Submission Processing Center	1973 North Rulon White Blvd.  Ogden, UT 84404

Send your returns to the submission processing center designated for your type of return: Where to File Tax Returns - Addresses Listed by Return Type

PRIVATE DELIVERY SERVICES SHOULD NOT DELIVER RETURNS TO IRS OFFICES OTHER THAN THOSE DESIGNATED ABOVE

THE IRS HAS ALSO RECENTLY STATED ALL RETURNS SHOULD BE SENT IN BY UPS OR FEDERAL EXPRESS. IT IS NO LONGER RECOMMENDING YOU USE DHL DUE TO ITS CUTBACK IN US SERVICES