International Tax

International Tax Planning Resources

This section covers international taxation and reporting issues. It contains articles, tools and practice aids, as well as comment letters pertaining to legislative matters and IRS regulation and administration.

TOP NEWS NOW

AICPA submits request for exemption from filing Form 8621 for certain PFICs - may 2013

AICPA Comments on FinCEN's proposed FBAR form changes - May 2013

AICPA Comments on Form 5471 Penalties - March 2013

IRS issues changes to Form 5471 and 8621 instructions

FATCA - IRS and Treasury release long-awaited final regulations (TD 9610) - January 17, 2013.

Foreign Account Tax Compliance Act (FATCA) Overview and Guidance Tracker

Foreign bank accounting reporting (FBAR) under BSA (Title 31) and foreign asset reporting under FATCA (Title 26)

Practice Support

Form 5472 Practice Guide - developed to help practitioners complete Form 5472 as well as a questionnaire to help determine which transactions to report on Form 5472.

Tools to assist practitioners prepare 2011 individual income tax returns for foreign nationals with U.S. income tax implications, specifically Form 1040NR, U.S. Nonresident Alien Income Tax Return, the dual-status Form 1040/Form 1040NR Individual Income Tax Return, or the Form 1040 resident Individual Income Tax Return. The tools include: 1) a Questionnaire for the non-resident alien (NRA) to fill out to provide data to the tax preparer; 2) a Checklist for Form 1040NR; and 3) A Flowchart to assist for the first year that a foreign national is in the U.S.

2011 Individual Passive Foreign Investment Company (PFIC) Checklist

Streamlined Filing Compliance Procedures for U.S. Citizens Residing Overseas go into Effect September 1, 2012 - IRS has released filing instructions as well as a questionnaire to assist low compliance risk delinquent taxpayers become current on their filing obligations.

Offshore Voluntary Disclosure Program - June 26, 2012 - IRS releases new FAQs for offshore voluntary disclosure program announced in January 2012.

IC-DISC Audit Guide from IRS, March 2012.

Table summarizing Reporting Jointly-Owned Foreign Financial Assets on Form 8938.

Dual Citizens' Filing Responsibilities.

Access to additional tools and aids.

Advocacy

Reporting Foreign Accounts and Assets – FBAR and Form 8938

In fall 2011, two of our members sat down to discuss their concerns, the concerns of their clients, and the steps they are taking to address both sets of rules regarding the 2011 reporting of foreign accounts and assets on Form TD F 90-22.1 (FBAR) and new Form 8938.

AICPA requests clarification on FBAR e-filing requirements, April 2013.

AICPA 10.25.2012 Comment Letter regarding Form 8938, Statement of Specified Foreign Financial Assets, and Instructions to Form 8938 regarding valuation of certain assets

AICPA 05.01.2012 Comment Letter regarding recommendations for 2012 - 2013 Guidance Priority List, including comments associated with International Taxation.

Access to additional advocacy documents.

Access information on the AICPA's International Taxation Technical Resource Panel and its task forces.