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.
Under the streamlined foreign offshore procedure, taxpayers must certify that their conduct relating to the failure to file FBARs (FinCen Form 114) and disclosing foreign accounts was not willful on Form 14653 – Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore Procedures. Form 14653 – Certification by U.S. Person … Continue reading Form 14653-Certification For Streamlined Foreign Offshore Procedures
What Is A Passive Foreign Investment Company (PFIC)? Any foreign company that meets either the asset test or income test is a passive foreign investment company. The asset test is met if 50% or more of the foreign corporation’s assets produce or could produce passive income. The income test is met if 75% or more … Continue reading Passive Foreign Investment Company
Foreign Housing Exclusion And The Foreign Earned Income Exclusion The foreign housing exclusion complements the foreign earned income exclusion that is reported on the Form 2555 and can increase your available exclusion amount. This is an additional exclusion for your housing costs if your tax home is in a foreign country and you qualify for … Continue reading Foreign Housing Exclusion
Expat Tax Advice Is Complicated As an American abroad, expat tax advice can be complicated and finding a U.S. expat tax advice professional can be equally difficult. While at the same time it opens up a myriad of opportunities for tax savings that often go unexploited, it also opens up a minefield to the unexperienced … Continue reading Expat Tax Advice – Advice For Americans Abroad
US Taxpayers Living Abroad If you are a U.S. citizen or resident alien living abroad, 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 in a foreign country. Your worldwide income is subject to U.S. income tax, regardless … Continue reading Filing Requirements For U.S. Taxpayers Living Abroad
CFC Tax And The Anti-Deferral Regime When taxpayers hear the term CFC Tax, it’s a reference to Subpart F. CFC tax or Subpart F is applicable to Controlled Foreign Corporations (CFCs) and their shareholders. It is the main anti-deferral regime applicable to US shareholders (owners) of a foreign corporation. What Is A CFC – Controlled … Continue reading CFC Tax – The US Anti-Deferral Regime
Many banks, investment funds and information material tout a QEF election as the easy way out of escaping the default PFIC treatment. But, it is anything but that. This is based on the presumption that the company will provide the required information and make the required reporting in order to make a QEF election in … Continue reading QEF (Qualifying Electing Fund) Election For PFIC
2015 Form 8621 Changes There was only one change to the 2015 Form 8621 that helps reduce duplicative reporting. A new checkbox has been added to page 1 of the 2015 Form 8621 for taxpayers who also are required to file the Form 8938, Statement of Specified Foreign Financial Assets , and who satisfy their … Continue reading 2015 Form 8621
Purpose Of The IRS Form 2555 With kudos to the IRS Form 2555 and the foreign earned income exclusion benefit, many U.S. expats working overseas don’t have to pay U.S. income tax on their earnings. If you qualify, you can use IRS Form 2555 to figure your foreign earned income exclusion and your housing exclusion. … Continue reading IRS Form 2555 And Claiming The Foreign Earned Income Exclusion
Delinquent International Information Return Tips If you are like many Americans abroad facing the ugly spectre of a Delinquent International Information Return and the risk of penalties or worse and wondering what to do, here are a few of our tips to keep in mind. Tip #1: The Open-Ended Statute of Limitations for Taxpayers With … Continue reading Delinquent International Information Return – Tips On What To Do