By Mary Vasilescu, CPA, MST
In this new age of technology and ever-expanding global commerce, there is a growing need among industrialized countries for tax information sharing and cooperation among their respective tax authorities for the purposes of tax enforcement, as well as tax evasion detection and mitigation. This can be evidenced by the recent advent of the Foreign Account Tax Compliance Act (known as “FATCA”) which has resulted in over one hundred inter-governmental...
By Mark Feldstein
The Immigrant Investor Program, more commonly known as EB-5, found itself in the news recently due to the introduction of a Congressional bill in July 2017 that could change qualifying terms. But first, let’s review the EB-5 program and how it currently affects foreign investors and entrepreneurs.
The federal EB-5 Program has been in effect since 1992. Its purpose is to provide U.S. visas and a path to citizenship for immigrants who invest at least...
By: Mary Vasilescu
For tax years starting after December 31, 2015, the Internal Revenue Service (IRS) has expanded the criteria for reporting Specified Foreign Financial Assets, or SFFAs. SFFA’s for this purpose are foreign financial accounts maintained at a foreign financial institution and other foreign financial assets held for investment purposes.
Enacted in 2010 as a section of FATCA or the “Foreign Account Tax Compliance Act”, Section 6038D of the Internal Revenue Code requires...
By Mary Vasilescu
The U.S. Citizenship and Immigration Service (USCIS) recently announced a groundbreaking new proposal to award temporary admission to international industrialists looking to cultivate their business within the United States. USCIS Director, Leon Rodriguez believes that “America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,” thus, the proposal when finalized, is expected to strengthen the...