2018 foreign income/housing exclusions: Residency/presence tests waived for several countries In a recent Revenue Procedure, the IRS waived the residency and presence tests that apply for purposes of the foreign earned income and foreign housing cost exclusions under the tax code. Specifically, the waivers apply to certain U.S. individuals...
If you are looking to do business in the U.S., you will have numerous opportunities to succeed, but there are also some pitfalls for which you should keep a lookout. You should understand what to expect, how to be prepared, and the best approaches to take so you can...
Court defines “financial interest” and makes other FBAR rulings In U.S. v. Horowitz, a district court ruled on various issues regarding the Report of Foreign Bank and Financial Accounts (FBAR). Its decision, handed down in January, addressed the statute of limitations for assessing FBAR penalties and the definitions...
You have probably heard mention of a tax treaty, but you might not be sure what one is or what it entails. Many countries have entered tax treaties with other countries to avoid or to mitigate double taxation. Depending on the agreement, it can cover a wide variety...
No matter where you live abroad, you need to pay your income tax if you are a citizen of America. Thus, if you move to the Netherlands, you need to know that the tax regulations still pertain to you and that there are Dutch tax regulations that you also...
The consequence of growing international trade is that companies have to deal with different provisions and laws when they have dealings with other countries. Without a proper safeguard, companies have to use different accounting standards that are difficult to understand.
Are you nearing retirement age and the prospect of retiring overseas is something that you are entertaining? Before you decide to go overseas to finally settle into your new life, it would be a good idea to consider the tax implications of retiring abroad.
Global Intangible Low-Tax Income – Working Example. Executive Summary Does your Corporation own greater than 50% of a business established in a foreign country? Beginning January 1, 2018, US entities will be subject to a tax on Global Intangible Low-Tax Income (GILTI) of their subsidiary controlled foreign corporations (CFC). The...
Establishing your own business presence in the United States can be tough especially if you are a non-resident. Aside from exploring an entirely new market and environment, there are also various things that you need to do in order to launch your business on foreign soil. There is no...
When it comes to taxes, everything should be accounted for–from income to investments. If you own foreign financial assets, it is important that you declare your accounts on your taxes. Under the tax code, financial assets include any financial account that you have maintained by a foreign financial institution....
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