FATCA was signed into law in 2010, with an aim to levy certain taxes on U.S. citizens and entities with substantial overseas holdings and the overseas institutions that enable some […]
FATCA compliance and FBAR filing Read More »
Required when there is distribution of income from a passive foreign investment company (PFICs) in which a U.S. person is a shareholder or a disposition of the shares of a
Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts Usually amounts of $100,000 or more are required to be reported in a calendar year.
U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations are responsible for IRS Form 5471 filing. Under the TCJA, rules requiring the inclusion of
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. The following are considered reportable under the code: Financial accounts
Form 8938, statement of Specified Foreign Financial Assets Read More »
Required to be prepared and filed if you qualify for either physical presence test or Bona fide residence, exclusion amounts changes every year. For example, it was $105,900 in 2019
Form 2555. Foreign Income Exclusion Read More »
Planning for retirement can be an extraordinarily complex process, particularly when there are cross-jurisdictional issues like the Canada-US Tax Treaty. As a non-resident or expat, you will need to understand
U.S Taxes and Canadian Retirement plans Read More »
The country where I live does not tax it, So this is not an income? The IRS does not care how your foreign country, where you reside and make money
A US person may have international tax reporting obligations to the IRS if he owns more than 10% of the shares of a foreign corporation. US persons who may be
Reporting requirements for your interests in foreign corporations Read More »
