Passive Foreign Investment Company (PFIC) A foreign entity/form of investment is a PFIC if it meets either the income or asset test described below. Income test. 75% or more of the corporation’s gross income for its taxable year is passive income (as defined in...
Navigating the complex world of tax regulations can be a daunting task for many individuals and businesses. This is where US Tax Consultants come in, offering their expertise to help clients optimize their tax strategies and ensure compliance with ever-changing laws....
Americans living abroad must still file taxes in the United States. In addition, US expat taxes are more complex. This is because there are specific rules (and benefits!) when filing an American expatriate tax return. But thanks to these benefits, many expats don’t...
Prior to 2017, ownership of a Limited Liability Company (LLC) by a non-American generally did not require the filing of a U.S. tax return with the IRS. Consequently, non-American programmers and other digital nomads that lived and worked outside the U.S. but created...
In one of the IRS’s more generous rules, it allows U.S. expats to treat their non-resident alien (i.e. non-American) spouse as a U.S. person for tax purposes (assuming that several conditions are met and a correct application for this particular treatment is properly...
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