Tax Samaritan’s tax resources pages are the source for the information you need, from tax tips and relevant articles in our blog to tax tools, such as tracking your tax refund and to filing requirements. If you’re dealing with a new life event this year, like a new child, read on in this area to learn more about how this changes your tax situation.
Please feel free to contact your Tax Samaritan tax professional for answers to your specific tax situation.
Many U.S. taxpayers are confused about the reporting requirements for foreign pension plans. Although the IRS has posted information on this topic, the average taxpayer may still have questions. Because the reporting requirements are complex and the associated penalties are harsh, it is important for every affected taxpayer to understand these laws. Participation In A Foreign Pension U.S. taxpayers … Continue reading U.S. Tax Treatment Of A Foreign Pension
The Tax Cuts and Jobs Act (TCJA), passed in December 2017 made significant changes in the tax law that apply to shareholder’s of foreign corporations and required the creation of the IRS Form 8992 as well as a revision of Form 5471. This has drastically and fundamentally changed how controlled foreign corporations (CFCs) will operate … Continue reading Form 8992 [Updated 2019] – GILTI Calculation
What is FATCA ? The Foreign Account Tax Compliance Act, or FATCA, is a law that was enacted in March 2010. The purpose of this act is to prevent tax evasion involving offshore accounts, as well as to promote better overall tax compliance among people with foreign financial assets. The provisions of this law have … Continue reading What is FATCA?
Form 8858 is a form often required by the IRS for people who own certain foreign entities. If you are required to complete this form, you must do it accurately and on time to avoid incurring penalties from the IRS. What Is Form 8858? Form 8858 is entitled “Information Return of U.S. Persons with Respect … Continue reading What You Need to Know About Form 8858
If you are an expat, you are still required to comply with all of the relevant expat tax laws in the United States, which often includes filing an annual return and/or other tax paperwork. Because these laws can be so complicated, and because the penalties for failing to comply are so harsh, many expats wisely … Continue reading Everything Expats Need to Know About Working With U.S. Tax Professionals
U.S. citizens and U.S. residents who are officers, directors or shareholders in certain foreign corporations are responsible for filing Form 5471. Form 5471 Filing Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, is in an information return that must be filed by U.S. citizens and U.S. residents who are officers, … Continue reading Form 5471 Filing – Information Return of U.S. Persons With Respect to Certain Foreign Corporations
If you have a financial interest in a foreign financial account, it may be a requirement for you to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Work, a bureau of the Treasury Department. If you don’t file this report when it is due, the IRS can impose … Continue reading Understanding FBAR Penalties
Introduction Taxpayers who travel outside the United States frequently and have significant outstanding tax debts should take a special interest in the Fixing America’s Surface Transportation Act (hereinafter “the Act”). The Act may sound unrelated to taxation but it contains provisions aimed at accelerating the collection of larger tax debts thru the possibility of passport … Continue reading United States Taxpayers with Seriously Delinquent Tax Debt May Face Passport Revocation or Denial
The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. Understanding the changes will be essential for all taxpayers, especially those abroad. On December 22, 2017, President Donald Trump signed H.R. 1, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on … Continue reading Tax Cuts And Jobs Act of 2017 – A Summary
2017 Individual Tax Changes Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to … Continue reading 2017 Individual Tax Changes – A Review