New IRS’ rules and regulations governing the report and the taxation of income from foreign bank accounts and foreign assets; and the penalties and relief provisions resulting from the holding of unreported foreign assets and foreign bank accounts by United States taxpayers.
In this video, Richard S. Lehman will explain:
- The Offshore Voluntary Disclosure Program providing Amnesty and tax relief for taxpayers who have not filed U.S. information or tax returns reporting foreign holdings or income;
- The Streamlined Disclosure Procedure applicable to individuals who have not been willful in their failure to file United States tax and information returns on foreign assets;
- Forms required to report foreign bank accounts of U.S. taxpayers;
- Forms required to report foreign assets of U.S. Taxpayers;
- Penalties that apply to unreported foreign assets and foreign bank accounts;
- The reporting of interests held on numerous United States tax “information returns” and forms that must be filed on foreign holdings. This will include forms for reporting foreign corporations owned by United States individuals, forms for filing gifts received from foreign donors, penalties applicable for the failure to file tax information returns and taxable income from foreign sources.
- Understanding of the term “willfulness” as applied to the United States tax laws;
- A review of all forms and certifications that must be filed to comply with United States “FATCA” laws;
- Advice for United States residents who have failed to file tax returns on foreign holding;
- Advise for United States taxpayers not living in the United States on forms to file for compliance with all Untied States tax laws
United States Tax Benefits for Exporting – The IC DISC
The object of this video is to advise professionals and individuals and corporations involved with the export of goods outside of the United States on how to greatly reduce the United States taxes on export sales.
The topics covered in this video are:
- The use of the IC-DISC as a corporate export vehicle;
- The advantages under the Internal Revenue Code that permit export profits to pay taxes as low as 15% as opposed to the maximum 43% tax on ordinary income;
- The definition of export property;
- The requirements that must be met for the export DISC;
- The corporate structure of the export DISC.
- The formulas available to maximize export profits;
- The taxable income method for maximizing export profits;
- The use of gross receipts method to maximize export profits;
- The use of export promotion expenses to minimize taxes on export profits;
- An exploration of the application of the export DISC for Internet products;
- Appropriate methods of transferring Internet software to maximize export profits;
- The sale of copyright articles;
- Explanation of services that re not available for the benefits of the IC-DISC;
- Explanation of services that may take advantage of the IC-DISC.