[ Offshore Tax ] US or Spain Tax Return which should be filed first?

Описание: [ Offshore Tax ] US or Spain Tax Return which should be filed first?

With the implementation of FATCA and Spain's signing of the FATCA Agreement, the US government is taking a deeper interest in ensuring reporting and disclosure compliance of individuals and businesses involving Spain. Specifically, the FATCA agreement has been in force in Spain since 2013.
Furthermore, the United States and Spain have an income tax treaty in place. The primary purpose of this treaty was to ensure proper tax treatment of monies earned by US citizens, Spanish citizens, ex-pats, and residents of each other's country. It allows for tax-deferred treatment and tax preferences based on various factors, such as the type and source of income.

TIMESTAMPS:
0:00 INTRO
0:10 Spain Tax Return for US Expats
0:44 Filing US returns in Spain
1:33 OUTRO


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DERREN JOSEPH:
If we file taxes in the US first because they're due first obviously, do we have to pay the US first because of currency exchange rates and then pay the balance in euros? So, and I'm not sure, Lisa, I'm not sure what you're asking, but essentially if I could, you know, just pour in some comments before Aurelia, you can chime in. I think that the US team and the team that's doing Spain's Spanish returns should be working in concert with each other. And yes, the US returns may, you can get an extension to file the US returns, but some sort of back-of-the-envelope calculation may be needed because the payment deadline is still what it was earlier this week. So, I think we need to, the US team needs to work in tandem with Spain because even, the Spanish returns aren't due until later. If some sort of estimate can be given, then it could feed into Form 1116, so you'll get a better sense as to what the US tax bill would be, if any, and get that settled first and then file the return later on once the actual Spanish returns have been filed. Really do, do you have a comment on that? The Coordinating across jurisdictions and the,

AURELIO NUNO GUIRADO:
I fully agree with what you were saying. We will need to work together, together with them and see if they have applied for an extension or not. Taxes are effectively being paid or not and Yeah.

DERREN JOSEPH:
Yeah. Okay. Gotcha.

OUTRO:
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