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Tag: foreign bank account reporting

Tax Planning for US Immigration

Did You Know You Might Need to Report Your Foreign Bank Account?

February 24, 2021February 14, 2022 usimmigrationadvisor

Did you know U.S. tax resident alien of the USA is subject to the foreign bank account reporting {FBAR} rules?

Specifically, a U.S. resident including a Green Card holder  is required to timely file the annual foreign bank account form for the current year reporting offshore financial accounts:

i.                  in your individual name or joint names, or

ii.               in certain instances, in the name of overseas companies you own a majority stake in, or

iii.             offshore financial accounts over which you control deposits and withdrawals., 

where the total value of all the accounts on any day that year exceeded USD 10,000. 

Offshore financial accounts include bank accounts, foreign mutual funds, and certain other financial assets. 

The IRS penalty for noncompliance is USD 10,000 penalty per account for each year of noncompliance going back six years. 

Prudence therefore dictates that diligent compliance with the FBAR and the related IRS Form 8938, Reporting of Specified Foreign Financial Assets, reporting rules is meticulously adhered to.

Clients who are delinquent may qualifying for the appropriate IRS amnesty program to mitigate the cost of correcting past errors. 

Click here to learn more about US tax.

How do I get a Green Card?

A Green Card is another name for US Permanent Residency. There are multiple routes to a Green Card through either family or employment. The family-based Green Cards have the prefix FB and the employment based Green Cards have the prefix EB.

At Davies & Associates we specialize in employment-based Green Cards, especially EB-5, the immigrant investor visa program. You and your family could move to the US in exchange for a $900,000 investment that creates ten American jobs. Alternative US employment-based visas include the EB-3 for speciality professionals, the EB-1C for international managers & executives, and the EB1A for the extraordinarily talented. Contact us to discuss the full range of Green Card options.

Preparing my US Tax Position

US permanent residents are taxed on worldwide income. Anyone hoping to obtain US permanent residency should carefully consider their tax position at the very start of the process. Please consult with our tax attorneys to discuss your personal situation.

Non-immigrant visas, those that do not offer permanent residency, do not expose the holder to tax on their worldwide income. US income is, of course, subject to American taxes. Examples of non-immigrant visas are the E-2 Treaty Investor Visa and the L-1 Intracompany Visa.


This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.

Taxation EB1 Visa, EB3 Visa, EB5 Visa, fbar, foreign bank account reporting, Green Card, Green Card tax, permanent residency, tax law, us tax 2 Comments

Davies & Associates Immigration Attorneys
Davies & Associates Immigration Attorneys
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Paolo Domingo
Paolo Domingo
07:19 04 Jan 23
5 stars and a high five! Thank you Verdie and Etta for assisting us with our change of status application. They were very professional and accommodating with all our questions and concerns throughout the process. Despite the time constraint, we pulled it off and we could not have done this without you guys! Keep up the good work!
Jean Zhu
Jean Zhu
01:49 17 Dec 22
Alex call me and I had a very pleasant talk with him on the phone regarding E2 visa to USA. He is very nice to work with!
Amandeep Singh
Amandeep Singh
11:59 10 Dec 22
I had talked with Alex Jovy, he was very quick to respond, had a lot of useful information which I was not aware of. Took time out of his day to discuss my situation and was very helpful. They go into a lot of detail which other companies do not. Overall a great service!
Eduardo Salvo
Eduardo Salvo
16:26 25 Nov 22
I received an world-class help in how to immigrate to the USA succesfully!Alex was very open to answer my questions and is definitely a professional in what he does!Strongly recommend this firm.
Birendra Kumar
Birendra Kumar
11:19 22 Nov 22
It was great to have a first meeting with Alex Jovy on Team and were glad to have fruitful discussion. Alex in-depth knowledge and I will highly recommend Alex for these services.
Peter
Peter
18:28 04 Oct 22
We were in a hurry and Verdie and the team were highly responsive and supportive, even when we threw in some curve balls along the way. We had our visas approved without any issues and felt confident and well prepared for document submissions and the interview. I'd certainly recommend this team for an E2 visa process.
Sivakumar Vageesan
Sivakumar Vageesan
17:11 10 Apr 22
D&A Team is very professional, highly knowledgeable, client centric, easy reachable and pays attention to every smallest detail to ensure visas are secured successfully. Mr Mark, Mr Verdie, Ms Linda, Ms Angela, Ms Sukanya, Mr Dmitriy, Mr Ervin and the whole team involved, did awesome work and I'm very thankful for their contribution. Will look forward to work with D&A for long future years.
Pathik Parikh
Pathik Parikh
18:53 30 Mar 22
As a repeat client of Davies & Associates over the years, I give my full recommendation and endorsement to the team at D&A and their services. Communication with their office is prompt, cordial and informative. I would especially like to thank Verdi Atienza for thoroughly explaining the process while answering any questions we have along the way.
Alex Saroyan
Alex Saroyan
19:19 16 Mar 22
Great experience, professional team, good results.
Deepak Narula
Deepak Narula
07:25 27 Feb 22
The whole experience of working with Davies & Associates was perfect, they guided us through very well at each step. We had lot of questions and we were answered with full details. Mr. Mark and Mr. Verdie were very responsive and professional in their approach.
Alex Fedotoff
Alex Fedotoff
18:17 23 Feb 22
Amazing experience, got the job done. Very competent and knowledgeable. Highly recommend Davies and Associates.
Adeelawazane
Adeelawazane
15:37 24 Aug 20
When we first started our search for a firm to represent us in our journey to acquire my E2 visa, we reached out to a couple of companies and individual Attorneys.The responsive of the team-at D&A and positive reviews made the choice obvious.From the start D&A staff were very professional and easy to work with. Our Attorney, Verdie was very knowledgeable in the matter. He answered all of my questions and addressed my concerns.The team is very professional and did a wonderful job on our Business plan. And helpful Etta put together all the documentations needed for my application.All in all, Davies & Associates organization and step by step system, helped the whole process to move smoothly with out a glitch.I highly recommend Davies & Associates for any one who is pursuing an E2 Visa.
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Davies & Associates LLC,
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New York, NY 10007
Phone: +1 212-537-9196

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Los Angeles, CA 90017
Phone: +1 (213) 337-6757

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155 N. Upper Wacker Dr. Suite 4250
Chicago, IL 60606
Phone: +1 (312) 803-6950

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Miami, FL 33130
Phone: +1 (305) 423-7163

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Atlanta, GA 30309
Phone: +1 (404) 965-3573

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Westport, CT 06880

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Rome*
Piazza Gentile Da Fabriano 3
Rome, Italy 00196
Phone: +39-331-277-6001
*In Association Cavaliere & Cavaliere, Avvocati and Solicitors

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69 Old Broad Street Level 17, Dashwood House
London EC2M 1QS, United Kingdom
Phone: +44 207-5628359

Cairo*
5/D/5 El Laselky St., New Maadi
Cairo, Egypt * Cairo office in co-operation with El-Bedeawi & Partners LLP

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Dubai, U.A.E. 98444
Phone: +971 (4) 358-8777
Fax: +971 (4) 358-8889
*Through our Partners. Bin Haider Advocates and Legal Consultants

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Amman, Jordan 11118

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Limassol, Cyprus

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Corso Vittorio Emanuele II, n. 15
Milan, Italy 20122
Phone: +39 (081) 1902-9549

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Via Bonifacio Lupi, 29
50129 - Firenze
Tel: +39 055 0763054
*Through our Partners JMU Law Firm

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Kharkiv
31 Poltavskyi Shliakh Street, 2nd floor
Kharkiv, Ukraine 61052

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Sichtslavska Naberezhna., 29-a, Office 606
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Cebu, Philippines 6014
Phone: (63) 2299-0631

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New Delhi, India 110014
Phone: +91 (9599) 299-322

Jakarta
Tamara Centre, Suite 603 Jl. Jend. Sudirman Kav 24
Jakarta, Indonesia 12920
Phone: +62 21-5203663
Fax: +62 21-5206336

Mumbai
Levels 7 & 8, G Block C 62 Bandra Kurla Complex
Mumbai, India 400 051
Phone: +91 2240-907370

Bangalore
3rd floor, Saroja Chambers No. 50, 4th Main Road, Nehrunagar
Bangalore, India 560 020
Phone: +91 (80) 235-64815

Mongolia
Suite 26, Bld 11 Erkhuu street
Ulaanbaatar, Mongolia

Seoul
4th Floor Kumha Bldg. 401 Hakdong-ro, Gangnam-gu
Seoul, South Korea
Phone: +820 (2) 2183-5547
Fax: +820 (2) 2183-5577

SOUTH AMERICA

Buenos Aires*
Bouchard Plaza Building
Bouchard 557 - 20 Floor
Buenos Aires, Argentina C1106ABG

Santiago*
Apoquindo 6550, oficina 205, Las Condes
Santiago, Chile
Phone: +56 (9) 98999997

AUSTRALIA

Sydney
Level 12, 210 George Street
Sydney, Australia 2000

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