While we are having a great time living offshore, let us be reminded that US is desperate to locate the money that are being pulled out by many Americans. Let's do our due diligence and find out which of the forms we need to file to avoid possible charges against us.
I.FBAR, Foreign Bank Account Report
Questions and Answers on FBAR, Foreign Bank Account Report
Q. Who must file an FBAR?
A. Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. See also Notice 2010-23.
Q. When is the FBAR due?
A. The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold. The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR. Filers cannot request an extension of the FBAR due date. See also Notice 2010-23.
Q. How do filers report their accounts to the IRS?
A. Filers report their foreign accounts by (1) completing boxes 7a and 7b on Form 1040 Schedule B, box 3 on the Form 1041 “Other Information” section, box 10 on Form 1065 Schedule B, or boxes 6a and 6b on Form 1120 Schedule N and (2) completing Form TD F 90-22.1 (PDF).
MORE INFO BY CLICKING THIS LINK...
http://www.irs.gov/businesses/small/article/0,,id=210244,00.html#FR1
FORM
http://www.irs.gov/pub/irs-pdf/f90221.pdf
II. FORM 5471 Information Return of U.S. Persons
With Respect to Certain Foreign Corporations
INSTRUCTIONS
http://www.irs.gov/pub/irs-pdf/i5471.pdf
FORM
http://www.irs.gov/pub/irs-pdf/f5471.pdf
III.FORM 8621-Information Return by a Shareholder of a Passive Foreign
Investment Company or Qualified Electing Fund
INSTRUCTIONS:
http://www.irs.gov/pub/irs-pdf/i8621.pdf
FORM
http://www.irs.gov/pub/irs-pdf/f8621.pdf
IV. FORM 8938 - Statement of Specified Foreign Financial Assets
FORM
http://www.irs.gov/pub/irs-pdf/f8938.pdf
INSTRUCTIONS
http://www.irs.gov/pub/irs-pdf/i8938.pdf
Plan well. Live well.
PINAYMENTOR
Your Financial Fitness Coach
Wednesday, April 11, 2012
Saturday, January 9, 2010
Retiring and Living in the Philippines for expats and non-expats
It used to be that Filipinos did everything they could so they can come visit the US, and other countries, find a job, get married, raise a family and enjoy the land filled with milk and honey. Up to now, I have to say there are still thousands of Filipinos who are leaving the Philippines to work abroad with the hope of improving their lives, be able to support their family and live a comfortable life.
Who would have thought that after the last depression era, the events will be turned around. Now, Filipinos, Americans, Europeans, Australians are finding themselves retiring or living and having some medical including dental procedures done in the Philippines. If you are a retiree who has at least $1000 pension to live on, you definitely will be able to live in the Philippines comfortably, have your own helper/driver and have proper health care. It is true that the Philippines get hit with some typhoons, but one great thing about Filipinos, they know how to rise above difficulties and poverty. In a matter of a shorter time, compared with other countries, they can recover and re-build what was once destroyed by calamities and continue on with their lives happy and filled with hope to have better lives. There are several areas in the Philippines to consider to avoid those typhoons, floods and still enjoy the lifestyle that you want.
One of the factors that foreigners love about Filipinos is their warm hospitality and respect for people. Almost everyone that I know will say they know at least one Filipino and most of them say that they love them because they are happy to be with, they are helpful, they are supportive, and they will feed you as if you are part of the family. You go to any hospitals, any home care, any elder care, Filipinos are the most sought after caregivers because by nature, they know how to care for the elderly and for anyone in need.
Majority of the Filipinos speak English that's why it is much easier to go around do business and go about your day to day activities. Even the people you see in the street, the taxi drivers, the security guards, the cashiers can speak to you in English and can understand at least basic and simple English.
Philippines is comprised of 90% Christians, 10% Muslims and non-believers. They are predominantly Roman Catholics and at least 50% are born again, spirit filled who simply loves the Lord. Some of the famous Catholic Communities are Ligaya ng Panginoon Community( Sword of the Spirit Covenant Community), Ligaya ng Panginoon Community ( Group of single men and women professionals), Brotherhood of Christian Business Men and Professionals, Bukas Loob sa Diyos, Couples for Christ, and other Christian Church groups like Victory Church, Jesus is Lord, the Anointed One and many more. CBN, Christian Broadcast Network has been in the Philippines for several years now, using that location as the hub for Christian Broadcasting to the other neighboring Asian countries. Rick Warren of Saddleback Church, Benny Hinn, and other famous International Ministers have come and visited the Philippines and has inspired a lot of Filipinos and helped a lot of them get healed as well. I believe that God is no respecter of persons, as long as you have that personal relationship with God, you live according to the Word of God, anyone should be able to accept each other as brothers and sisters in Christ and live in harmony.
Philippines is famous for its wonderful beaches from the North to the South. Some people are asking me if there is any location that is cool enough without having to bear the heat for almost all year round. Yes, there are cooler places. You have to look at places at a higher elevation. Some of the famous places are Tagaytay, which is a few hours away from the Metropolitan area and some neighboring cities like Cavite, Batangas and Laguna. The coolest perhaps is in Baguio and it is up in the mountain, about 5000 ft elevation. Just like going to Lake Arrowhead,California without the snow! Another area that is real cool is Malaybalay in Mindanao.
The conversion rate as of today, is $1 to PHP45.71. If you are planning to retire this year, I suggest you send your dollars now, have it converted and invest them in the local bank. BPI, Bank of the Philippine Islands is giving out 6-7% interest on their 5 year time deposit, which is equivalent to a CD or certificate of deposit here. Their shorter term is about 3%. We haven't ventured on the higher interest rates yet, we will keep you updated when we find out. This is the most conservative investment out there. There is nowhere in the US you will find an interest as high as 4%.
What CLCN (Comprehensive LifeCare Network) and PMTI (Philippine Medical Tourism, Inc.) have done is negotiate the prices for the medical procedures so that anyone, whether you are an expat, a Balikbayan, an OFW or a foreigner, you can get the same reasonable rates that they give to the locals. These two groups provide all the necessary documents that you need for your medical procedures and assist you with your air and land transportation, hotel/condo accomodations with different packages that you can choose from. You can access your medical records online and even rate your doctors. You can even have a chance to review the profile of the list of doctors and you can either ask your questions through their live chat online, send in through email or have an online video chat with the doctor so you will get your questions answered before you make your decision.
CLC is also providing a variety of Global Health Insurances and the list will be posted soon. This type of insurance will allow you to choose whether you want coverage in the Philippines or anywhere around the world. It can be with prescriptions or without.
If you happen to see this article and you are an expat already living in the Philippines, or considering to work in the Philippines, a returning Filipino, or a foreigner wanting to marry a Filipina and live in the Philippines, please send us an email at info@worldlinks4u.com.
Who would have thought that after the last depression era, the events will be turned around. Now, Filipinos, Americans, Europeans, Australians are finding themselves retiring or living and having some medical including dental procedures done in the Philippines. If you are a retiree who has at least $1000 pension to live on, you definitely will be able to live in the Philippines comfortably, have your own helper/driver and have proper health care. It is true that the Philippines get hit with some typhoons, but one great thing about Filipinos, they know how to rise above difficulties and poverty. In a matter of a shorter time, compared with other countries, they can recover and re-build what was once destroyed by calamities and continue on with their lives happy and filled with hope to have better lives. There are several areas in the Philippines to consider to avoid those typhoons, floods and still enjoy the lifestyle that you want.
One of the factors that foreigners love about Filipinos is their warm hospitality and respect for people. Almost everyone that I know will say they know at least one Filipino and most of them say that they love them because they are happy to be with, they are helpful, they are supportive, and they will feed you as if you are part of the family. You go to any hospitals, any home care, any elder care, Filipinos are the most sought after caregivers because by nature, they know how to care for the elderly and for anyone in need.
Majority of the Filipinos speak English that's why it is much easier to go around do business and go about your day to day activities. Even the people you see in the street, the taxi drivers, the security guards, the cashiers can speak to you in English and can understand at least basic and simple English.
Philippines is comprised of 90% Christians, 10% Muslims and non-believers. They are predominantly Roman Catholics and at least 50% are born again, spirit filled who simply loves the Lord. Some of the famous Catholic Communities are Ligaya ng Panginoon Community( Sword of the Spirit Covenant Community), Ligaya ng Panginoon Community ( Group of single men and women professionals), Brotherhood of Christian Business Men and Professionals, Bukas Loob sa Diyos, Couples for Christ, and other Christian Church groups like Victory Church, Jesus is Lord, the Anointed One and many more. CBN, Christian Broadcast Network has been in the Philippines for several years now, using that location as the hub for Christian Broadcasting to the other neighboring Asian countries. Rick Warren of Saddleback Church, Benny Hinn, and other famous International Ministers have come and visited the Philippines and has inspired a lot of Filipinos and helped a lot of them get healed as well. I believe that God is no respecter of persons, as long as you have that personal relationship with God, you live according to the Word of God, anyone should be able to accept each other as brothers and sisters in Christ and live in harmony.
Philippines is famous for its wonderful beaches from the North to the South. Some people are asking me if there is any location that is cool enough without having to bear the heat for almost all year round. Yes, there are cooler places. You have to look at places at a higher elevation. Some of the famous places are Tagaytay, which is a few hours away from the Metropolitan area and some neighboring cities like Cavite, Batangas and Laguna. The coolest perhaps is in Baguio and it is up in the mountain, about 5000 ft elevation. Just like going to Lake Arrowhead,California without the snow! Another area that is real cool is Malaybalay in Mindanao.
The conversion rate as of today, is $1 to PHP45.71. If you are planning to retire this year, I suggest you send your dollars now, have it converted and invest them in the local bank. BPI, Bank of the Philippine Islands is giving out 6-7% interest on their 5 year time deposit, which is equivalent to a CD or certificate of deposit here. Their shorter term is about 3%. We haven't ventured on the higher interest rates yet, we will keep you updated when we find out. This is the most conservative investment out there. There is nowhere in the US you will find an interest as high as 4%.
What CLCN (Comprehensive LifeCare Network) and PMTI (Philippine Medical Tourism, Inc.) have done is negotiate the prices for the medical procedures so that anyone, whether you are an expat, a Balikbayan, an OFW or a foreigner, you can get the same reasonable rates that they give to the locals. These two groups provide all the necessary documents that you need for your medical procedures and assist you with your air and land transportation, hotel/condo accomodations with different packages that you can choose from. You can access your medical records online and even rate your doctors. You can even have a chance to review the profile of the list of doctors and you can either ask your questions through their live chat online, send in through email or have an online video chat with the doctor so you will get your questions answered before you make your decision.
CLC is also providing a variety of Global Health Insurances and the list will be posted soon. This type of insurance will allow you to choose whether you want coverage in the Philippines or anywhere around the world. It can be with prescriptions or without.
If you happen to see this article and you are an expat already living in the Philippines, or considering to work in the Philippines, a returning Filipino, or a foreigner wanting to marry a Filipina and live in the Philippines, please send us an email at info@worldlinks4u.com.
Sunday, January 3, 2010
Worldlinks4u
We are grateful for technology that brought people closer together no matter how far we are from each other. Distance and time is no longer a concern because we have here the technology to bring each other closer than ever. Technology can be destructive or it can be a tool for so many wonderful things that we can do for other people. We were given the choice, to choose between good and evil, and we were encouraged to choose good. Here, we are pro-active people seeking good and making sure that everyone experiences a win-win-win situation.
What is fascinating is that anybody who has internet connection can possibly earn some money online without having to pay those hefty fees or questionable fees that you pull out sometimes when you do a search. I am grateful to google, shareasale, commission junction and other companies who are providing us those opportunities. With what has happened in the recent economy, it is tough to get a job, do business or earn money. But, with the presence of this wonderful technology, we are able to reach out to any part of the world who has access to the world-wide-web.
We hope to help as many people as we can so that they too can earn, can prosper in the heart of depression era that no one would have thought it will ever happen again.
WE put our hope on God who provides abundantly, everything that we need according to HIs riches in glory in Christ Jesus.
Go to www.worldlinks4u.com for more information.
What is fascinating is that anybody who has internet connection can possibly earn some money online without having to pay those hefty fees or questionable fees that you pull out sometimes when you do a search. I am grateful to google, shareasale, commission junction and other companies who are providing us those opportunities. With what has happened in the recent economy, it is tough to get a job, do business or earn money. But, with the presence of this wonderful technology, we are able to reach out to any part of the world who has access to the world-wide-web.
We hope to help as many people as we can so that they too can earn, can prosper in the heart of depression era that no one would have thought it will ever happen again.
WE put our hope on God who provides abundantly, everything that we need according to HIs riches in glory in Christ Jesus.
Go to www.worldlinks4u.com for more information.
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