The biggest tax audit red flag? Having worldwide income 🌏 FATCA/FBAR risks

Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-293-4857. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped!
www.irsmedic.com/blog/2017/11...
The IRS has announced four new audit campaigns on international filers:
1. Those who file the Foreign Tax Credit
2. Those who file the foreign income exclusion
3. Those who used a proxy to hide ownership of Swiss bank Accounts.
4. Controlled foreign corporations who make loans back to the US-based parent code (sec 956).
Tax Attorney Anthony Parent and host Claudine Gindel discuss how these audits will works the true target of the audits and what to do if you are concerned about your FBAR audits or international reporting forms (5471, 8821, 8865, 8938, 3520-A, 3520, etc) or criminal exposure.
Parent & Parent LLP
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Wallingford, CT 06942
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[@lylecosmopolite]

1. I filed form 1116 for the better part of 25 years, and was never challenged. BTW, I discovered a few years ago that I am better off deducting on schedule A the income taxes I pay to the country I reside in, rather than filing form 1116. The amount of foreign income tax I pay is easily evidenced by a copy of my foreign tax return. Fortunately, I live in an English speaking country.
2. If you mean form 2555 filers (which every employed expat files), I am sceptical. I have never heard of an expat being challenged to provide a copy of the foreign equivalent of a 1099 to evidence the receipt of foreign wages.
3. Why just Swiss banks? It is my understanding that Swiss bank secrecy died 20-25 years ago. The hot action today is the Grand Caymans and Panama.
4. This is very technical, and a concern only for American multinational corporations.

[@VERTICALWisdom]

Clear why the ever-increasing people doing business overseas are renouncing citizenship. Financially just doesn't make sense to stay.

[@lylecosmopolite]

The main drawback of being an expat American citizen is FBAR compliance, and having to pay foreign income tax on US source income. Renounging USA nationality eliminates the first problem, but not the second.