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.
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
Wonder About A Shell Company In light of the recent scandals, you might be wondering yourself if your name came up on the list of “Offshore Billionaires evading taxes”. Truth is, few of us know that owning a shell company or having an offshore bank account is NOT synonymous with tax evasion. It is indeed … Continue reading The Panama Papers – What To Do If You Own A Shell Company
Form 1042-S – US Source Income Subject To US Income Tax Withholding The US real estate market continues to be an attractive one for foreign investors, despite the fragile economy, the uncertainty that comes with the upcoming elections and despite the less than favorable regulatory environment heavily influenced by FIRPTA and the rest of the … Continue reading Form 1042-S And 30% Withholding Tax On Rental Income
The Need For An Expat Tax Professional – How To Find The Best Online Expat Tax Professional Firms for 2019 If you live overseas, chances are that you will need a U.S. expat tax professional at some point. To hire the right person, you are going to need to research the best online expat tax … Continue reading Best Online Expat Tax Professional Firms 2019: A Review
IRS Form 8832 – The Key To A Simpler Tax Return? It seems to me that most Americans don’t really dive into understanding the tax laws, such as with the Form 8832, that impact them until some life event forces them to. And there’s a lot of that going on with the FATCA implementation essentially … Continue reading Form 8832 – What Is The Form 8832 And The Check-The-Box Election
All the recent scandal about the Panama Papers and tax havens and shell companies bring to light the hornet’s nest that FATCA has been stirring up. The media makes it sound like having a shell company or an offshore account automatically makes you a criminal – but that is far from the case. I will … Continue reading Panama Papers – Explained