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.
The IRS says that you should fix mistakes, but you are not legally required to do so. Instead, you should weigh the risks of not fixing the mistake against the benefits of amending the return. Amending a past tax return is very common. Often, [...]
Fortunately, the US and most other countries have a system in place to reduce or eliminate double taxation. This usually happens by claiming “foreign tax credits” on your tax return for taxes paid to the other country. You may need to claim the foreign [...]
It depends. For your first year in the US, you may be a resident, nonresident, or “dual status” resident (part-year resident and part-year nonresident), depending on your number of days in the US and other factors. Also, in the first year, you can claim [...]
