The following are some responses and follow up comments regarding the problem of cross border investing by individuals without the benefit of a foreign...
QUESTION: I have just received an invitation from you to join a group called the International Wealth Protection Monitor, which you say is for subscribers....
QUESTION: "If I am a named Successor of a foreign granted trust and the grantor is still alive, do I need to report this to IRS?" REPLY: According to the...
QUESTION: All but one of the conditions for filing form 3520 have to do with foreign trusts, but the last one seems to involve a large gift from a foreign...
QUESTION: I read on your website (http://www.offshorepress.com/offshoretax/otearnings.htm) that : "For those who are self employed and don't own a corporation,...
QUESTION: I see reports in the news that foreign subsidiaries of US corporations do not pay US tax. What rules must be met for this foreign subsidiary income...
QUESTION: If a US corporation that is not publicly traded (private) sells one share of its stock is that considered income for tax purposes? REPLY: No gain or...
QUESTION: I read with interest your article on Second Home or Vacation Home Tax Benefits. (http://www.vernonjacobs.com/vacation-home.htm) Would I be correct in...
QUESTION: In November of 2001 the IRS rule 1.1275-1 (which I have searched for and can not find – the IRS told me they do not have the tax code on their web...
QUESTION: Your report on Offshore Variable Annuities does not include a discussion of the tax treatment of loans against the contract. I have a private...
June 30 is the Due Date for filing the Report on Foreign Financial Accounts Form TD F 90-22.1 with the Treasury Department. An extension of time to file your...
The following questions were sent to me by a CPA who is a partner in one of the major accounting firms, after he had studied my 30 page report on the filing...
QUESTION: From time to time I'd like to send a copy of your Jacobs Report memos to clients or to associates. Are there any restrictions on duplication of your...
We would like to remind you of this upcoming event. June tax due dates Date: Wednesday, June 15, 2005 Time: All Day June 15th is the due date for the second...
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Jun 8, 2005 5:02 am
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We would like to remind you of this upcoming event. File Form TD F 90.22.1 Date: Thursday, June 30, 2005 Time: 12:00AM - 1:00AM CDT (GMT-05:00) If you or a...
JacobsReport@yahoogro...
Jun 16, 2005 5:02 am
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There seem to be an endless number of questions about having to file the Foreign Bank (and Financial) Accounts Report (FBAR) TD F 90-22.1, which is due no...
The following are some additional questions about the Foreign Bank (and financial) Accounts Form TD F 90-22.1 that were not included in my 30 page report on...
The following was received from Richard Duke, who has been dealing with a number of people who have established a Panama Corporation through one or more...
We would like to remind you of this upcoming event. File Form TD F 90.22.1 Date: Thursday, June 30, 2005 Time: 12:00AM - 1:00AM CDT (GMT-05:00) If you or a...
JacobsReport@yahoogro...
Jun 23, 2005 5:02 am
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QUESTION: I am enjoying your (subscribers')site immensely. However, I have not found the answer to the question which led me here. Maybe it is my...
We would like to remind you of this upcoming event. Returns due July 15th Date: Friday, July 15, 2005 Time: All Day July 15th is the due date for income tax...
JacobsReport@yahoogro...
Jul 1, 2005 5:03 am
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QUESTION: Please clarify what it takes to be eligibile for a zero tax bracket. REPLY: Tax brackets refer to the range of taxable income subject to different...
QUESTION: I recently came across your webpage dealing with Reportable Transactions. (http://www.offshorepress.com/vkjcpa /disclosurerules.htm) With the recent...
QUESTION: I've heard that all winnings at various games at a casino are not considered the same and therefore some are not subject to tax as income. Is this...
QUESTION: When a Foreign Corporation sells a piece of real estate in the U.S., is that Corporation subject to Capital gains taxes and at what percentage....
QUESTION: I am interested in ordering your Controlled Foreign Corporation Tax Guide, but I would like to find out first if it addresses the following subjects...
We would like to remind you of this upcoming event. July 31st Tax Returns Due Date: Sunday, July 31, 2005 Time: All Day July 31st is the due date for filing...
JacobsReport@yahoogro...
Jul 17, 2005 5:02 am
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I received the following observation from Richard Duke and it prompted me to recall some of my own experiences with people who were enamored with going...
We would like to remind you of this upcoming event. Form 1040 Due August 15th Date: Monday, August 15, 2005 Time: All Day August 15th is the due date for...
JacobsReport@yahoogro...
Aug 1, 2005 5:02 am
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QUESTION: I read your article in the June 2005 issue of the Tax Adviser (Reporting and Disclosing Foreign Financial Accounts) and found it very informative....
