FBAR and Its Maximum Account Balance
FBAR or FinCEN Form 114 requires a declaration of all non-US financial accounts, including the highest balance for each account in a year. Also, the due dates for this form …
FBAR or FinCEN Form 114 requires a declaration of all non-US financial accounts, including the highest balance for each account in a year. Also, the due dates for this form …
As a U.S. citizen, no matter what country you live, you have tax duties. IRS requires all U.S. citizens, including expats, to submit standard income taxes. Expats must also file …
What You Need to Know About Taxes Related to Passive Foreign Investment Companies Read More »
Many expats can use the FEIE or the Foreign Earned Income Exclusion as one of the tax money-saving devices. If you want to take advantage of the FEIE, you have …
The Bona Fide Residence Test and the Common Errors Expats Make Read More »
As year-end approaching, we are offering our clients some important tax highlights and updates that we believe are important to shed light on. Its possible that that Congress could enact …
All PFICs that do not presently have Mark to Market or Qualifying Electing Fund elections are taxed under § 1291 of the Internal Revenue Code. § 1291 taxation is very …
The IRS on Monday gave proprietorship attribution rules for deciding the status of companies as controlled foreign partnerships (CFCs) and whether their shareholders are U.S. shareholders (T.D. 9908). The guidelines …
Latest Regulations for controlled foreign corporations (CFCs) Read More »
The IRS provided tools for tax practitioners who can utilize them to connect and contact to taxpayers who don’t ordinarily document their tax returns and are able to get economic …
Tools to help non-filers receive economic impact payments Read More »
To cater the provision of global intangible low-taxed income (GILTI), IRS issued an additional package Sec. 951A, which was added by the law known as the Tax Cuts and Jobs …
GILTI rules address income subject to high foreign tax rate Read More »
This article is only for those who are not able to use Direct Deposit. In the event when you are in US then there will be no issue of getting …
How Expats Can Cash Checks From the IRS While Living Abroad Read More »
Transfer of funds from one pension plan to another may be treated a taxable event in the US (there is no official document to confirm the tax exemption). Introduction Numerous …
U.S Tax Impact from portability between non-US retirement plans Read More »
Update: The IRS has reversed their stance and senior citizens, Social Security recipients, and railroad retirees who are not otherwise required to file a return will not have to. Update 2: IRS …
COVID-19 impacted the whole world badly in general and USA in particular. Due to this unprecedented situation where normal travelling and flight operations has been suspended across the globe, many …
IRS adds waiver for 2020 Foreign Earned Income Exclusion (FEIE) Read More »
As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law …
Tactics for Stretching Retirement Assets under the SECURE Act Read More »
IRS introduced many relief measures for taxpayers to help them through the economic disruption caused by COVID-19. These measures includes legislative and administrative changes to provide many short term and …
In September, the IRS announced that they would mail time-limited settlement offers to certain taxpayers under audit who had participated in abusive micro captive insurance transactions (IRS News Release IR-2019-157). …
IRS offers to settle microcaptive insurance cases Read More »
The look and feel of iconic tax return form, the Form 1040 has been virtually recognized by everyone for many years. Although the form is complex yet consistent. With the …
While submitting the shareholder’s tax return (or, if applicable, partnership or exempt organization return), fill the Form 8621 as per instructions mentioned in it, attach it with return and file …
Requirement to File Informational Return Form 8621 Even If Below Filing Thresholds Read More »
The IRS issued a revenue procedure to help tax payers and relevant passthrough entities (RPEs) that provides a safe harbor. As per procedure a “rental real estate enterprise” will be …
Streamlined Program Overview The IRS streamlined program breaks down into two camps. 1. Streamlined Foreign Offshore Program (SFOP) 2. Streamlined Domestic Offshore Program (SDOP) – described herein The main difference between …
Domestic Streamlined Offshore & Certification Form 14654 Read More »