Common IRS tax issues of US-French filers and Expats

Common IRS tax issues of US-French filers and Expats

Common IRS tax issues of US-French filers Along with FATCA and FBAR reporting, these are the specific French IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with: The US-French Treaty on Double Taxation The US-French tax treaty provides some relief from double taxation. However, it does not help elimiate a very common issue we encounte with Assurage Vie. Literally "Assurage Vie" translates as life insurance. However, the US tax code does not teat it as life insurance, so it is taxes on income it earns each year. And worse, it is treated as a passive foreign investment company, which involves oneous accoutning work and a less favorable tax treatment. Other issues we see French pensions may involve additional reporting and may be taxable, even if deferred in France. Inheritence of bank accounts; some of the bank accounts established my people who may or may not have been engaging in tax evasion is France, the US, or both. Taxation of rental propery in France. It is very common to not see this reporting correctly and many taxpayers ae missing an opportunity to accelerate depreciation Self-employment: Even small corporations may require extensive reporting. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/PNCmMEh3A0o IRS Medic