The following question was sent to me by a reporter and I thought I would share the Q&A with this group. (Vern) QUESTION: Could you please compare domestic and...
QUESTION: Are you seeing more interest in the old Interest Charge DISC? I heard that there are only 6,000 in the US still in existence. What I understand is...
COMMENT: IRS needs to develop some serious AI (artificial intel) website to help even practitioners comply with 5471's (for controlled foreign corporations)...
There is an extensive article in USA Today (Tuesday, Jan. 6, 2009) about the eventual conversion from US GAAP accounting to International Financial Reporting...
I got into an argument the other day with someone who said, "What difference does it make if people spend their own money or if the government takes some of...
QUESTION: Could you please compare domestic and foreign corporations in one paragraph? REPLY: A brief comparison is subject to a host of caveats. There are...
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal Jan 31st - Due Date for Information Returns Saturday January 31, 2009 ...
JacobsReport@yahoogro...
Jan 17, 2009 5:59 am
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QUESTION: My understanding is that the penalties are $10k per corporation or partnership, not per return. (Response to your comment about penalties for returns...
QUESTION: I am interesting in getting your e-books Offshore Tax Strategies and/or Controlled Foreign Corporation Tax Guide. Could you tell me which is the best...
QUESTION: I understand that one way to categorize a fixed foreign annuity is in the Miscellaneous Income line (f1040 line 21). I have done that (perhaps...
QUESTION: I file excise tax returns (for some offshore insurance and annuity contracts) and when no premiums are involved I file with zeros. Do you know if I...
QUESTION: I subscribe to a variety of financial newsletters. Several have suggested for more then several years that it would be "prudent" to open a foreign...
QUESTION: I'm a U.S citizen who has been living abroad in Taiwan for the past 6 years. I've also been working here as an English Teacher making less than...
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal Feb. 28th Due Date for Information Returns Saturday February 28, 2009 ...
JacobsReport@yahoogro...
Feb 14, 2009 5:59 am
664
QUESTION: Obama said he was going to shut down the use of offshore tax havens by American companies that export jobs offshore, but I didn't see or hear any...
QUESTION: Hello, how do I disclose an offshore account to the us government? I know you are probably very busy but I was hoping you could give me a couple...
QUESTION: I am not sure if it is appropriate to respond, but a US person must disclose the existence of a foreign account on IRS Form 1040 Schedule B,...
QUESTION: The firm in Montreux which handles my fixed swiss annuities has up until this year instructed its clients not to report the annuities as owning and...
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal March 15th Due Dates for Forms Sunday March 15, 2009 All Day (This...
JacobsReport@yahoogro...
Mar 1, 2009 5:00 am
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In February, 2007, Senators Levin, Coleman and Obama introduced the Stop Tax Haven Abuse Act for the ostensible purpose of curtailing alleged abuses of the tax...
QUESTION: I read that people who do barter deals have to pay taxes on what they get and they have to send a report of some kind to the IRS. Since no money...
QUESTION: Speaking of barter... I earned, via numerous Credit Card charges, a million points, one point for each dollar charged on a Visa Card, then converted...
QUESTION: How can the IRS find out if a barter transaction has taken place -- particularly if the transaction takes place outside of the U.S.? If I used a...
QUESTION: If I decide to set up a foreign LLC and elect to have it treated as a disregarded entity so that taxes flow onto my 1040, can you tell me if I only...
Scammers are trying to take advantage of a provision in the recently-passed federal stimulus package to steal personal financial information from retirees or...
QUESTION: WHAT ARE THE BENEFITS, IF ANY, OF FILING IRS TAX RETURNS FOR AN LLC AS A SUB S CORPORATION? REPLY: I've never done that for a client and have not...
COMMENT: I know this has been discussed before, but if someone has a foreign annuity of insurance policy, such as a variable insurance product, in which you...
QUESTION: I have a new client who is a US person who set a trust a couple of years ago for her brother and his family who all live overseas and are Canadians....
QUESTION: I'd appreciate your help in completing the FBAR for a client who plays on-line poker. The reporting on this form has become more specific – for...
Reminder from: JacobsReport Yahoo! Group http://groups.yahoo.com/group/JacobsReport/cal April 15th Tax Returns Wednesday April 15, 2009 All Day (This event...
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