So you have money in a foreign country and you are a US citizen/permanent residence, should you tell anyone about it? No, not your parents…may be not even your spouse, but… you better not ignore IRS. So says, Foreign Accounts Tax Compliance Act (FATCA).
First, if you have anything above $10,000 the foreign bank will report that to the USA, assuming that the specific country has entered into Intergovernmental Agreement (IGA) with the USA. What happens if there is no IGA with that country? Some say enforcing this would be unconstitutional. According to complaint filed on July 14, 2015, Republican presidential candidate Sen. Rand Paul (Ky.) has actually sued the Treasury department on that ground.
Second, if you have above $50,000, you need to report it along with your annual tax return, or else your income from US source could be subject to a 30% withholding. This reporting is in addition to the reporting requirement under Report of Foreign Bank and Financial Accounts (FBAR). Failure to comply with FBAR, if willful, may cost you $100,000 or 50% of the money in the account, whichever is the greater.
FACTA which was enacted in 2010 but didn’t take effect until July 1, 2014 deserves your attention. To get current alerts on this subject and ensure compliance please visit: http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA
If you feel that you need to know more about FACTA, and/or have any question or need for professional assistance on related matters, please call us at (615)346-4016.
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In a very interesting interview, a prominent college president had left us with inspiring thoughts regarding how we think about our clients. The president, and honestly the college itself had embodied a principle that believed in the power of the potential within students (the customers) and the determination and faith on the part of the college’s faculty and leadership in converting this potential to reality. The combined inspiration was an amazing mix and brought about a very noticeable result.
Often businesses are advised or ill advised to fire clients deemed unprofitable. Such discussions tickle some employees as they cogitate on the prospect of actually doing it. Howbeit, it is not many businesses that actually have the guts to fire their clients. While firing employees that are not, “Productive,” and therefore unprofitable appears to be ubiquitous, the proverbial firing of unprofitable clients remain largely elusive. In an era and culture that is obsessed about customers, and that rightly so, businesses that talk about firing clients need to come down to earth. We must believe in the power of the potential in each customer, and in our determination and faith to convert this potential to reality, and forge forward.
No… we don’t fire our customers! We had an ample opportunity to look at them closely and accept them as our clients, we must show commitment to take them to the finishing lines. Of course, if and when our own ability to serve them is diminished because we are in over our heads, or don’t have the strength to do what we were able to do, we must care enough to let them go to where they could be taken care of, as we must not drop them down in an effort to carry them when our strength is but gone. Even parents give up their own children to adoptive parents at times, when they see that this serves the best interest of the child. But that is clearly not called firing, and clients moved for their own benefit, understand.
Do you have clients that you feel like firing or simply are falling through the cracks because your offerings and their needs are at odds? You may need to call on to KBMD Certified Public Accountants, and let us show you a situation both you and your clients will appreciate. Fire no clients before you try our client adoption placement service. We have parents of all size and shape looking to adopt.