March 14, 2013
It’s TAX TIME again… With the reporting deadlines for IRS forms 3520 and 3520-A coming tomorrow, IRS income tax filings coming on April 15, and Foreign Financial Account filings due in June… we thought you might appreciate a few fresh perspectives.
As a part of our growing body of tax information for Yucalandia readers, we welcome Patrick W. Martin (C.P.A., J.D.) as a guest author. Mr. Martin is simultaneously a former accountant, CPA, an international US tax lawyer, with additional studies in international law in Mexico. He is currently a partner in his firm, in charge of a team of specialized international tax lawyers, many of whom studied in Mexico and then later in the U.S.A. He also worked for the IRS Chief Counsel Office 20+ years ago.
Mr. Martin generously offers the following insights and summaries describing US Tax Laws and Regulations. His information is fully vetted, and fits official IRS publications, and fits what Yucalandia needed 7 prior articles to cover. We especially like how he describes the ways that the various IRS regulations and Justice Dept. rulings work together (or not).
Enough introductions, we are very pleased to present Mr. Martin’s insights on the thicket of tax and reporting requirements that currently face US citizens living abroad.
~ ~ ~ ~ ~ ~ ~
Dear Readers of Fideicomisos, Shakespeare, and Yucalandia,
I am impressed with the thoughtful comments and understanding presented by Yucalandia, describing very complex areas of the U.S. international tax law, and am pleased to contribute to their existing articles.
For background: Our international tax team simply focuses on complex international tax law matters. Fortunately, or unfortunately, this little world is our professional life. Incidentally, my wife has a small real estate project in Mexico, and so I live with these issues personally – in addition to advising various taxpayers
This question of Fideicomisos and informational reporting under IRC Section 6048 is something that is near and dear to our hearts. … Continue reading here…
~ ~ ~ ~ ~ ~ ~
Full article can be read here: Summaries of US Tax Laws Affecting Citzens Living Abroad ~ 2013
If you liked this article, you might also check out our growing body of articles on tax issues for expats in Mexico:
~ Capital Gains Taxes on Mexican Properties
~ Income Tax Liabilities in Mexico
~ Fideicomisos and FATCA: US – Mexico Agreement on FATCA Reporting Requirements
~ IRS Reporting Requirements for Mexico: Fideicomisos / Mexican Land trusts
~ FBAR’s and Fideicomisos: To File or Not to File, That is the Question ,
~ US Income Tax Filing Information for Ex-Pats
~ Tax Issues for Americans and Other Expats Living in Mexico
~ Updated 2011 IRS Requirements: Foreign Account Tax Compliance Act (FATCA)
~ Summaries of US Tax Laws Affecting Citzens Living Abroad ~ 2013
~ Comparing Tax Rates and Tax Policies for US Earned Income and Mexican Earned Income
~ Tax Issues for Americans Living and Working in Mexico – A Redux for 2013
* * * *
Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry
Read-on MacDuff . . .
I own property in Mexico through a corporation and not a fideicomisos. Are the rules the same for a corporation?
Yes, you must file. Here is a link to the IRS’s 6 page instruction bulletin http://www.irs.gov/pub/irs-pdf/i3520a.pdf for filing form 3520-A. As Joe pointed out, you can still meet the filing deadline (today) by submitting it to DHL or Fed Ex for delivery to the IRS.
Is every single rule the same for corporations vs. individual filers? I doubt it. This is a question to ask your tax preparer.