Expat Taxes When Selling a UK Residence
U.S. expats living in the United Kingdom should always be cognizant of the fact that their activities could have tax implications in the both the United States and the United Kingdom.
Read MoreForeign Companies
U.S. tax and reporting for foreign companies and investments, including Form 5471, GILTI, PFICs and entity classification.
GILTI Tax on Owners of Foreign Companies
Of all the changes to the tax system brought on by the Trump Tax Reform, perhaps the most significant and lasting change for expat business owners was the introduction of the GILTI tax regime…
Read MorePre-Immigration US Tax Planning
Moving to the United States has a number of important tax implications, some more obvious than others. The implications of becoming a U.S. tax resident include:
Read MoreIRS Letter 6311 Warns About Section 965 Compliance
Taking its cue from previous audit campaign announcements, the IRS has begun sending “soft letters” to U.S. taxpayers owning foreign companies about IRC Section 965 transition tax compliance.
Read MoreNew IRS Compliance Campaign Focuses on Deferred Foreign Income
Despite recent staff shortages and human resource challenges due to COVID-19, the IRS continues to march forward with its campaigns focused on international tax compliance.
Read MoreForm 5471 – Top 6 Reporting Challenges
For U.S. expat owners of foreign companies, U.S. tax compliance can feel particularly onerous when it comes to filing the infamously difficult IRS Form 5471. The Form 5471 is considered by many to be…
Read MoreUsing Form 8832 to Change the US Tax Classification of Your Company
For U.S. expats with businesses abroad, tax planning is essential to ensure that your company is operating tax efficiently.
Read MorePFIC Reporting on Form 8621
As any financial advisor will tell you, investing for your future is an important financial consideration for you and your family.
Read MoreGILTI Tax for Owners of Foreign Companies
As we’ve discussed in previous blogs, Trump’s 2017 tax reform made major changes to the taxation of overseas businesses owned by U.S. persons. The reform installed several new regimes, which are…
Read MoreGILTI Tax for Individual Owners of Foreign Companies
As we’ve discussed in previous blogs, Trump’s recent tax reform focuses heavily on the operation of overseas businesses by U.S. persons. The reform installs several new regimes, which are broadly…
Read MoreTransition Tax Rates
Owners of fiscal-year foreign corporations (i.e., corporations that do not have a tax year end of December 31) owing “transition tax” generally have the luxury of waiting until next year’s tax season…
Read MoreDeadline for Transition Tax
To further ease the pain of the transition tax on foreign company owners, the IRS has amended its FAQs page to include more relaxed deadline rules for both filing and paying the tax in installments.
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