Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 03.02.2014, 15:43
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 0 Times in 0 Posts
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
Need tax expert in US and CH and disability payment

I have been searching for an expert in both US and Swiss law regarding taxation on possible lump sum disability payment from private insurance. We have not found anyone with actual experience but only people prepared to research. The disabled person will require round the clock care and the insurance company is pushing for a one time payment only. US tax law is complicated and it is not clear if any reciprocal agreement exist with CH tax. Any payment has to last for the disabled person's lifetime with full nursing care. Expert advice is really needed so as to not make any terrible mistakes.
Reply With Quote
  #2  
Old 03.02.2014, 15:54
Forum Legend
 
Join Date: Oct 2009
Location: la cote
Posts: 3,104
Groaned at 18 Times in 11 Posts
Thanked 2,551 Times in 1,403 Posts
runningdeer has a reputation beyond reputerunningdeer has a reputation beyond reputerunningdeer has a reputation beyond reputerunningdeer has a reputation beyond reputerunningdeer has a reputation beyond repute
Re: Need tax expert in US and CH and disability payment

Getting a general picture, but still a lot of info needed. Person is resident where?, tax liable to CH and US? and the insurer is where and what type of policy is it?

Do you want the CH and US tax consequences?
Reply With Quote
  #3  
Old 03.02.2014, 16:10
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 0 Times in 0 Posts
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
Re: Need tax expert in US and CH and disability payment

Person is resident in CH, US citizen. It is CH Private accident insurance.
Need to have analysis from expert on CH and US tax on any payment and if any reciprocal tax treaties exist to avoid double taxation etc.
Reply With Quote
  #4  
Old 03.02.2014, 16:54
Newbie
 
Join Date: Feb 2014
Location: Zurich
Posts: 1
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
Ana Ng has no particular reputation at present
Re: Need tax expert in US and CH and disability payment

Hello,


I'm sorry to hear you're in this difficult situation.


I can recommend Rebecca Heid's U.S. tax services: http://americanincometax.com/


Hope this helps. Best of luck!
Reply With Quote
  #5  
Old 03.02.2014, 17:49
Forum Veteran
 
Join Date: Aug 2010
Location: Zurich
Posts: 705
Groaned at 0 Times in 0 Posts
Thanked 855 Times in 449 Posts
irish_temptation has a reputation beyond reputeirish_temptation has a reputation beyond reputeirish_temptation has a reputation beyond reputeirish_temptation has a reputation beyond repute
Re: Need tax expert in US and CH and disability payment

it might not be the cheapest solution but in your situation I would contact one of the Big4 (PWC, KPMG, Deloite and E&Y) because at least some of them have an American Tax Department in Zurich and therefore specialists with US and Swiss tax expertise. Hopefully they can help.
Reply With Quote
  #6  
Old 03.02.2014, 18:06
Island Monkey's Avatar
Forum Legend
 
Join Date: Mar 2008
Location: Wallis
Posts: 3,805
Groaned at 68 Times in 37 Posts
Thanked 3,479 Times in 1,698 Posts
Island Monkey has a reputation beyond reputeIsland Monkey has a reputation beyond reputeIsland Monkey has a reputation beyond reputeIsland Monkey has a reputation beyond reputeIsland Monkey has a reputation beyond repute
Re: Need tax expert in US and CH and disability payment

Surely you shouldn't be taxed on such a payment at all?

http://www.law.cornell.edu/uscode/text/26/104
Reply With Quote
  #7  
Old 03.02.2014, 18:14
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 9,671
Groaned at 63 Times in 60 Posts
Thanked 15,277 Times in 7,015 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Need tax expert in US and CH and disability payment

Quote:
View Post
Surely you shouldn't be taxed on such a payment at all?

http://www.law.cornell.edu/uscode/text/26/104
Correct, but they will have to report the amount on FBAR because it will be more than 10K. And that's bound to raise questions about how such a large sum got there. Plus it's the U.S. and taxes and CH, so bound to be a nightmare even if it should be straightforward.
Reply With Quote
This user would like to thank 3Wishes for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Left CH in 2011 and now fined for non-payment of tax tim564 Leaving Switzerland 29 26.05.2013 15:48
Tax in US UK and CH mte Other/general 9 12.02.2013 09:34
US citizen working in the CH- Taxes in CH and US and pension contributions in CH Andra2010 Leaving Switzerland 23 07.04.2011 02:06
self payment of AHV and tax?? travnett Finance/banking/taxation 1 14.08.2009 16:31


All times are GMT +2. The time now is 06:27.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0