The IRS requires annual reporting of a wide range of assets held outside the US, including: Foreign bank accounts, investment accounts, and other financial accounts Foreign life insurance and mutual funds Pensions you expect to receive from foreign employers (even if you don’t currently [...]
Not necessarily! In many cases, it can be very straightforward. For instance, if your only foreign assets are foreign bank accounts or stocks, the reporting requirements are minimal. And the information is generally easy to obtain. With more complex situations, you can avoid pitfalls [...]
Many of the required disclosures are informational reports, with no impact on your tax situation. But some disclosures can have a tax impact. Either way, the IRS places a high priority on these informational reports. Why? Because the IRS has routinely found high error [...]
Years ago, the IRS had a hard time identifying individuals who were under-reporting, or not reporting, foreign income, or assets. But today the IRS has amassed a wealth of tools and data that allow it to identify US taxpayers who likely have not fully [...]
Not all foreign assets require extensive IRS reporting. And often, minor differences in how you hold those assets or in the types of assets held outside the US can make a big difference in the amount of annual reporting. We help you understand the [...]
In many cases, yes! If you had US income during the year, then you usually need to file a US tax return. This is often true even if the amount of income was small. The most common types of US income include: Rental income [...]
If you are an alien (not a US citizen), you are considered a nonresident alien unless you meet one of two tests: The green card test or The Substantial Presence Test for the calendar year (January 1-December 31). For details on how these tests [...]
US nonresident tax returns (Form 1040NR) do not allow you to file jointly. However, if your spouse is a US tax resident and you wish to file jointly, you can make a special election to be treated as a US tax resident. Then, you [...]
Actually, your salary from days worked in the US is considered US income! It doesn’t matter where you were paid or where your employer is located. It only matters where you were when you conducted the work. Days in the US for work, training, [...]
We understand that foreign asset reporting can be confusing, especially for new arrivals in the US. Maybe you’re not sure if certain foreign assets are reportable or you didn’t fully report assets previously. We can help.
