When U.S. persons own shares or have controlling power over foreign corporations, they must file additional tax documents. Form 5471 is a perfect example and one of the most...
Form 14653 certifies an expat’s non-willfulness in case of under-reported income. It is a primary criterion of eligibility for the streamlined foreign offshore procedure. After the passage of the...
Streamlined filing compliance procedures help expats stay in compliance after making non-willful mistakes. Key concepts include timelines and proactiveness. When it comes to taxing people living abroad, the government...
The IRS offers a way for expats to avoid paying two levels of tax on the same income. Provisions that enable this are the foreign tax credit and certain...
Expats who have foreign financial accounts may need to look into FBAR requirements. If they meet the eligibility criteria, they must file an annual informational return. Failing to do...
It is a harsh reality that the impact of COVID-19 on small businesses is devasting. The small business owners due to the shortage of cash flow have been forced...
Canada is the land of multiculturalism, immigrants, and one of the most inclusive countries in the world. To greener pastures, as they say, welcome to Canada! Therefore, we decided...
If you are a U.S. national who is residing outside of the country, you may find yourself facing a tricky situation surrounding the taxes on your earnings. As per...
As one of the most complex tax situations that you could find yourself in, figuring out the way to report earnings as a non-resident alien of the United States...
When taxpayers earn passive income from foreign investments, they often have to file Form 8621. This is the main tool for reporting earnings from PFIC companies where the taxpayer...