There are various requirements for contributions to IRA plans. In general, the taxpayer will need to have taxable compensation that is not excluded under the Foreign Earned Income Exclusion. If all of your income is excluded, your contribution may be deemed an excess contribution.
In general, the IRS considers mostly all forms of compensation worldwide as income. This includes: Salaries and commissions Education, travel, housing and other allowances Other cash and benefits received for personal service
The FBAR disclosure form (the “FBAR” file) can be opened only in Adobe Acrobat. In order to open, please first save the file locally to your computer, then open Adobe Acrobat and open the file from within Adobe Acrobat. If you try to download and open the file directly after downloading, you generally will not…
If you are a U.S. citizen or a resident alien, the rules for filing income, estate and gift tax returns and paying estimated tax are generally the same, whether you are in the United States or abroad. With taxation of worldwide income, your U.S. and foreign income is subject to U.S. income tax, regardless of…
Foreign mutual funds typically fall under the Passive Foreign Investment Company (PFIC) classification and are taxed through a system that is much more punitive and disadvantageous than their domestic counterparts. If you own foreign mutual funds, you will most likely have to include Form 8621, the Information Return by a Shareholder of a Passive Foreign…
You will need to contact the Social Security Administration, as the IRS does not issue SSNs. Use Form SS-5-FS, Application For A Social Security Card, which may be obtained from and filed with the Social Security Administration.
The rules for reporting the sale of your primary residence are generally the same as if the property was located in the United States. The IRS allows an exclusion of $250,000 ($500,000 if filing jointly) if you used and owned the property as your principal residence for two of the past five years. In general,…
General filing requirements for most taxpayers can be found here: https://www.irs.gov/pub/irs-pdf/p501.pdf
The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8 percent to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. The Net Investment Income Tax went into effect on Jan. 1, 2013. The…
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Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
The Client Transformation Success Manager plays a key role in delivering exceptional client experiences by building strong relationships and offering value-driven tax advisory and financial planning. This role ensures clients receive proactive, strategic guidance to achieve long-term financial success.
