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
An opinion for you to evaluate amongst the plethora of technical articles.
I speak with “criminals” on a daily basis regarding their unfiled FBAR forms and the potential penalties. As a result, I’ve heard as many different “strategies” on how to deal with them, and since jail would have been a likely result had they carried on with them, I feel like I should share some important information with all the other “criminals” out there.
The U.S. is the only country that taxes its citizens on their worldwide income, no matter where they live and regardless of how long they have been overseas. Well, actually the U.S. is almost the only country. Eritrea has what is known as a “diaspora tax” on its citizens.
A recent study conducted by the Treasury Inspector General for Tax Administration (TIGTA) indicates that a large number of taxpayers living abroad are calculating incorrectly one of the most important elements of their tax return: The foreign earned income exclusion.
What to do if you have not filed a US tax return in several years and live abroad.
The US reduces your income tax liability dollar for dollar for any taxes paid to a foreign government. This comes in especially handy when your wages exceed the foreign earned income exclusion, but there are several points to keep in mind, as the “dollar for dollar” part of the definition can’t unfortunately be taken verbatim. It was intended to avoid double taxation of US taxpayers.
UN Pension Guide (Attached) States their plan is qualified as described in section 401(a). As Such, contributions are not taxable in the year earned and