Bank finance articles and tips

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The Foreign Exchange Market, also known as the Forex market, is probably the largest foreign exchange market in the world. People who are trading in the Forex market would be able to tell you that it is indeed an extremely lucrative business, given that you know the rules of the game. Statistically speaking, the global foreign exchange market has an average daily turnover of more than US$2.5 trillion....

A traditional banking model in a CEEC (Central and Eastern European Country) consisted of a central bank and several purpose banks, one dealing with individuals' savings and other banking needs, and another focusing on foreign financial activities, etc. The central bank provided most of the commercial banking needs of enterprises in addition to other functions. During the late 1980s, the CEECs modified this earlier structure by taking all the commercial banking activities of the central bank and transferring them to new commercial banks. In most countries the new banks were set up along industry lines, although in Poland a regional approach has been adopted....

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 ("FBAR") is due June 30, 2011. This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year. This form is merely an information form. There is no tax due with this return.

This form must be received on or before June 30, 2011. There is no extension of time to file this return. Even if your individual income tax return is on extension, it doesn't matter. Please note it must be received by June 30, 2011, not postmarked. File this form with the Treasury Department, not the Internal Revenue Service. Unlike income tax returns, this form cannot be filed electronically. It must be mailed in. Caution should be exercised to assure the form arrives by the due date. As with other returns and forms, it is recommended that you send it "Certified Mail, Return Receipt Requested"....

A US citizen living or working in Canada incurs not only a tax obligation to the Canadian government but is also still liable for US income tax. Every tax preparation business is aware that the IRS imposes collection of income tax on worldwide income of US citizens. But US citizens also report holdings of foreign assets to the IRS.....

Subpart F rules limit deferral of foreign income by owners of foreign corporations. Earnings of a foreign corporation owned by U.S. taxpayer(s) are generally not taxable in the U.S. until remitted. This general rule is subject to several anti-deferral regimes, including Subpart F. U.S. shareholders (generally U.S. persons owning 10% or more of the vote) of a controlled foreign corporation (CFC) must include in their income currently certain types of income earned by the CFC, under the provisions of Subpart F. These inclusions are accompanied by a deemed-paid credit for corporate shareholders that operates identically to the deemed-paid credit for dividends. A Subpart F inclusion, however, is not a qualified dividend eligible for the reduced 15% tax rate.