Wishing all of my Forbes readers a beautiful holiday and all the best for the New Year. Something about taxes (of course) but a little bit different to bring extra joy to the season.
‘Twas the year-end for taxes, and across the globe wide,
Citizens wondered how their returns might abide.
With passports in hand and accounts far and near,
Would Uncle Sam’s rules bring confusion or fear?
The expats were nestled in homes overseas,
Debating their FBARs with quiet unease.
And I with my spreadsheets, so tidy, precise,
Had just settled in to make sense of advice.
When out on the web there arose such a clatter,
I searched through the Code to resolve the big matter.
Away to the statutes, I flew with a dash,
To figure out GILTI, Subpart F, and some cash.
The moon shone so bright on my foreign abode,
Revealing the need for my assets’ full load.
When what to my wondering eyes should appear,
But a tax form brigade bringing deadlines so near.
With a little old agent so savvy and quick,
I knew in a moment it must be St. Nick.
Not bearing presents, but rules to enforce,
He called out the forms in a booming discourse:
“Now 3520, now 8938!
On 5471—don’t file it late!
“Your PFIC reports, on Form 8621,
And CFC gains—you’ll have no room for fun.
“To the top of the pile, to the deadline’s great wall,
Dash away, dash away, file them all!”
As dry leaves that before the compliance winds fly,
When they meet with an audit, mount to the sky,
So up to the laptop my fingers they flew,
With checklists of filings—oh, what a slew.
And then, in a twinkling, I heard in my head,
The echoes of rulings the IRS said.
As I typed and I clicked, trying not to despair,
St. Nick whispered softly, “Be thorough, take care.”
He was dressed all in codes, from his head to his foot,
And his ledger was tarnished with filings and soot.
A bundle of rules he had flung on his back,
And he looked like a pro as he opened his pack.
“Exclusions for housing, for income abroad,
Be careful, my friend, for the penalties are broad.
Your credits are here, and your treaties are too,
But follow the rules, or audits ensue.”
His eyes—how they twinkled! His dimples, how merry!
But his warnings of fines were indeed rather scary.
A wink of his eye and a twist of his head,
Soon gave me to know I had plenty to dread.
He spoke not a word but went straight to his work,
Explaining tax traps where the unwary might lurk.
And pointing his finger aside of his nose,
He nodded and left—up the chimney he rose.
But I heard him exclaim, ere he vanished from sight,
“Happy taxes to all, and to all a good night!”
I help with tax matters around the globe.
Reach me at vljeker@us-taxes.org
Visit my US tax blog www.us-tax.org It is an invaluable guide in all areas of U.S. international tax. It will help you stay on top of legislative developments, keeping you ahead of U.S. tax changes impacting your life, family or business.
Read the full article here
