Foreign Nationals with Rental Income in the USA must keep 3 Things in Mind:
1- FDAP Income, 2- Effectively Connected Income and most importantly 3- The 871(d) Election (Net Election)
We get a lot of questions about the taxation and reporting of gifts and inheritances from a “foreign person”. These rules aren’t well-publicized, so we
One of the common questions we receive from UN employees is regarding FBAR reporting for UN bank accounts where they have signature authority.The UN treaty
Due to numerous requests for insight and guidance concerning the Offshore Voluntary Disclosure Program (OVDP) that was initiated in 2012, I wanted to compose a practical article that, instead of merely regurgitating IRS pronouncements, will outline some of the main features for the OVDP and analyze some of the options that exist for American expats who are deciding whether to enter the program.
Pensiones Voluntarias ultimately results in contributions being effectively invested in shares of non-U.S. mutual funds. The problem with doing so is that the IRS treats foreign mutual funds as a Passive Foreign Investment Company (PFIC) and imposes a special, harsh tax regime on all US taxpayers who invest in PFIC’s.
A popular question we are often asked is whether interest paid on a mortgage for a residence in a foreign country is deductible. Fortunately, the
In one of our most recent articles, we gave an overview of Form 3520-A. Associated with Form 3520-A is the is the Hiring Incentives to
In Part II of our article explaining IRS Form 3520, we will discuss Filing Exceptions, Distributions, Grantor and Non Grantor Trusts.
Form 3520, reports certain transactions with foreign trusts as well as the receipt of certain foreign gifts or bequests from certain foreign persons. This post goes
Did you know as a contractor serving in a combat zone that you may qualify for special tax relief? If you are a qualified contractor
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