Form 5471 (CFCs)
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
Form 8938, statement of Specified Foreign Financial Assets
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
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Form 2555. Foreign Income Exclusion
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
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U.S Taxes and Canadian Retirement plans
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
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The country where I live does not tax it, So this is not an income? What about deductions?
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
Reporting requirements for your interests in foreign corporations
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
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I do not have to file a state tax return because I moved abroad.
American expats are happy to quickly end their tax ties to their former state of residence. Unfortunately, they are not always able to completely do so. This may result in
I do not have to file a state tax return because I moved abroad. Read More »
Are foreign investments treated like U.S. Investments?
This is another area of frustration. Foreign mutual funds, exchange-traded funds (ETFs), and other pooled investments are generally classified as Passive Foreign Investment Companies for US Tax purposes or PFIC.
Are foreign investments treated like U.S. Investments? Read More »
The Company is on my spouse name, do I still have to report it in my expat taxes?
Expat Taxes: Due to the complexity of US tax rules, some of the tax reduction and simplification ideas that are shared online among non-experts can turn out to be ingenious
The Company is on my spouse name, do I still have to report it in my expat taxes? Read More »