Demystifying IRC section 965 Math
For foreign earnings, an overview of the taxation. With the bit of time of professionals or taxpayers to prepare for them, the tax code’s tax jobs and cuts introduced many …
For foreign earnings, an overview of the taxation. With the bit of time of professionals or taxpayers to prepare for them, the tax code’s tax jobs and cuts introduced many …
U.S Expat Tax Report: A new amnesty program for certain U.S. citizens who have renounced, or intend to renounce, their U.S. citizenship. Among other requirements, you must have renounced U.S. …
U.S. Expat Taxes – Tax Relief for U.S. Citizens Renouncing Citizenship Read More »
Covid Relief Package When Congress initially responded to the Covid-19 pandemic by passing the CARES Act on March 27th, 2020 — handing down individual stimulus payments, Paycheck Protection Program loans, …
In recent months and as a result of long negotiations between Congress’s Democrats, Republicans, and the White House on another round of stimulus legislation, the possibility of a deal is …
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 …