Tax
Nov. 2, 2010
Foreign Bank Accounts: Still Secret?
There is little excuse now for U.S. citizens who fail to disclose information about their foreign bank accounts.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
With the ubiquitous press about reporting foreign bank accounts, where do we stand? Some of it is surprising. It has long been clear that U.S. citizens and permanent residents must report all worldwide income on their federal income tax returns, even if it is taxed elsewhere. You may get a U.S. tax credit for foreign taxes paid, but even with a tax credit, some double taxation is common.
Less known but equally clear is the rule that ...
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