BLS Insights

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Month: May 2016

Report of Foreign Bank and Financial Accounts (FinCEN Form 114/FBAR)

May 24, 2016

The IRS has issued sweeping changes to the way U.S. taxpayers are required to report interest in foreign bank accounts. Although taxpayers were always required to report and pay taxes on income earned in foreign accounts, not until recently did the IRS along with other government agencies step up enforcement to eliminate attempts to avoid paying taxes.

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Tips For Foreign Companies Doing Business In The U.S.

May 11, 2016

Does your foreign company sell products online to American customers? Are you interested in accepting payment in US dollars? If so, it may interest you to learn that to do so you must establish a US based entity which can accept the payments through a US bank account.

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