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IRS 1042-S Form – Reporting Amounts Paid to Foreign Persons

Jul 25, 2024

U.S. tax laws are hard enough for Americans to understand. They become even more challenging for non-residents who earn income from U.S. sources and receive an IRS 1042-S Form, Foreign Persons’ U.S.-Source Income…

The Ultimate Guide to Filing Your Non-Resident Tax Return

Jul 19, 2024

The American tax code is one of the most complex systems in the world. Each year, anyone who has earned income in the U.S. must determine their tax liability. This obligation extends to…

Form 5471 for expats with foreign corporations

How to File Form 5471 for U.S. Expats with Foreign Corporations

Jul 15, 2024

If you are a U.S. citizen or resident involved with a foreign corporation, you may need to file IRS Form 5471, even if the corporation has no U.S. source income or establishment. This…

Foreign Earned Income Exclusion (FEIE) questions

Foreign Earned Income Exclusion – All Your Questions Answered by Expat Tax Experts

Jul 15, 2024

Living and working abroad as a U.S. citizen or resident alien means your worldwide income is subject to U.S. taxation. This can lead to double taxation, as your foreign country may also tax…

The Foreign Tax Credit: An Ultimate Guide for U.S. Expats

Jul 12, 2024

The United States taxes its citizens and residents on their worldwide income, regardless of where they live. This means that even if you’re living abroad, you might still owe U.S. taxes on income…

FBAR Filing — a Guide to Reporting Foreign Accounts for U.S. Expats

Jul 12, 2024

For U.S. expats, managing tax obligations can be particularly challenging, especially when it involves foreign financial accounts. The Foreign Bank and Financial Accounts Report (FBAR) filing, or FinCEN Form 114, is a crucial…

How to Report Profit or Loss from Business with Schedule C Form

Jun 24, 2024

Running a business involves managing a packed schedule. Tax season adds to the workload with extra paperwork. If you’re among the ten percent of self-employed U.S. taxpayers, you might need to prepare a…

Passive Foreign Investment Company | Practical Info You Need To Know

Jun 15, 2024

Many portions of the U.S. tax code contain confusing and sometimes harsh rulings. The rules for passive foreign investment companies (PFIC) are incomparable in their complexity and almost draconian features. Countless times, Americans…

How to Fill Out the New IRS Form W-4

Jun 11, 2024

If you’ve ever started a new job, you’ve probably filled out an IRS Form W-4 or the Employee’s Withholding Certificate. It’s a document that tells your employer how much federal income tax to…

How to Deal with IRS CP59 Notice For High-Income Non-Filers

May 27, 2024

If you’re a U.S. person earning over $400,000 and haven’t filed for years, you might soon receive an IRS CP59 notice. This notice calls for immediate action. You must either submit your tax…

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