The document discusses cross-border tax planning and compliance for US persons living in Canada. It outlines how to determine US tax exposure based on citizenship, residency and foreign assets. US persons are required to file annual tax returns, FBARs, and disclosures of foreign accounts, investments and businesses. Failure to comply can result in penalties and criminal charges. Integrated planning is needed to structure assets and income to minimize US tax obligations while meeting Canadian regulations.
U.S. taxpayers living abroad have filing requirements regarding their overseas income and financial accounts. They must file annual tax returns reporting worldwide income and may qualify for the foreign earned income exclusion. The foreign tax credit allows taxpayers to claim taxes paid to foreign governments to avoid double taxation. Additionally, taxpayers with over $10,000 in foreign financial accounts must file an FBAR report and may need to report foreign assets on Form 8938 if thresholds are met. Failure to comply with these filing requirements can result in significant penalties.
Chamberlain Hrdlicka is a law firm founded in 1965 that has grown to over 100 attorneys providing tax planning, controversy, and litigation services. It continues its tradition of personalized service for clients ranging from start-ups to large multinational companies.
Sebastien Chain concentrates on tax controversies at all levels of dispute resolution and advises on international and domestic transactions. Jaime Vasquez handles federal, state, and international tax controversy and transactional matters, resolving IRS examinations and civil/criminal tax litigation.
Adrian Ochoa previously clerked for a Tax Court judge and now represents entities and individuals in audits, appeals, and tax litigation.
International Students/Faculty/Staff Tax Workshop 2016UTSA_International
This document provides information about taxation for non-resident aliens. It defines key terms like non-resident alien, US resident, non-resident alien for tax purposes, and resident alien for tax purposes. It also outlines the substantial presence test and green card test to determine residency status. The document discusses forms like 1042-S, 1040NR-EZ, 1040NR, 8843, and W7 that may need to be filed. It provides guidance on income types, exemptions, deductions, and the Glacier Tax Prep software for filing taxes.
FBAR and US Taxes for Expatriates - Intercam Presentation , Ixtapa, MexicoDon Nelson Tax Attorney
- US citizens living abroad, including in Mexico, are required to file US tax returns and report foreign financial accounts over $10,000. Failure to do so can result in penalties.
- There are tax treaties between the US and Mexico to exchange tax information. The IRS is increasing audits of US expatriates due to inaccurate filings. It's important for expats to properly report all foreign income and assets.
- Expats have options if they have not filed previously, including streamlined filing programs. Filing past returns or disclosures without penalties is possible in some cases. Proper filing and documentation is important to avoid audits.
Non Profit Formation - how to create a non-profit presented by Wayne Lippman CPA
Rules of the Game for Tax Exempt Non-Profits
Getting Into the Game: How to Obtain Tax Exempt Status
Playing Well with Others: Collaborating with Other Non-Profits and For-Profits
Presented by Wayne Lippman CPA.
US Expatriate Tax Presentation given in Puerto Vallarta and Melaque Mexico for Americans living there concerning filing FBAR forms, form 8938 and other required IRS foreign reporting forms by Don D. Nelson, Attorney, CPA. His website at www.taxmeless.com has a wealth of additional information
In general terms, this is one of the most frequent questions we get from prospective clients. So then, How do you file US tax returns while in Canada?
The first question we need to ask is whether you’re actually required to file US tax returns. Generally speaking, US citizens and Green Card holders are required to file US tax returns regardless of where they live. Therefore Americans living in Canada, whether they’ve recently moved to Canada or have been in the country their entire lives are required to file US tax returns in addition to their regular Canadian tax returns.
U.S. taxpayers living abroad have filing requirements regarding their overseas income and financial accounts. They must file annual tax returns reporting worldwide income and may qualify for the foreign earned income exclusion. The foreign tax credit allows taxpayers to claim taxes paid to foreign governments to avoid double taxation. Additionally, taxpayers with over $10,000 in foreign financial accounts must file an FBAR report and may need to report foreign assets on Form 8938 if thresholds are met. Failure to comply with these filing requirements can result in significant penalties.
Chamberlain Hrdlicka is a law firm founded in 1965 that has grown to over 100 attorneys providing tax planning, controversy, and litigation services. It continues its tradition of personalized service for clients ranging from start-ups to large multinational companies.
Sebastien Chain concentrates on tax controversies at all levels of dispute resolution and advises on international and domestic transactions. Jaime Vasquez handles federal, state, and international tax controversy and transactional matters, resolving IRS examinations and civil/criminal tax litigation.
Adrian Ochoa previously clerked for a Tax Court judge and now represents entities and individuals in audits, appeals, and tax litigation.
International Students/Faculty/Staff Tax Workshop 2016UTSA_International
This document provides information about taxation for non-resident aliens. It defines key terms like non-resident alien, US resident, non-resident alien for tax purposes, and resident alien for tax purposes. It also outlines the substantial presence test and green card test to determine residency status. The document discusses forms like 1042-S, 1040NR-EZ, 1040NR, 8843, and W7 that may need to be filed. It provides guidance on income types, exemptions, deductions, and the Glacier Tax Prep software for filing taxes.
FBAR and US Taxes for Expatriates - Intercam Presentation , Ixtapa, MexicoDon Nelson Tax Attorney
- US citizens living abroad, including in Mexico, are required to file US tax returns and report foreign financial accounts over $10,000. Failure to do so can result in penalties.
- There are tax treaties between the US and Mexico to exchange tax information. The IRS is increasing audits of US expatriates due to inaccurate filings. It's important for expats to properly report all foreign income and assets.
- Expats have options if they have not filed previously, including streamlined filing programs. Filing past returns or disclosures without penalties is possible in some cases. Proper filing and documentation is important to avoid audits.
Non Profit Formation - how to create a non-profit presented by Wayne Lippman CPA
Rules of the Game for Tax Exempt Non-Profits
Getting Into the Game: How to Obtain Tax Exempt Status
Playing Well with Others: Collaborating with Other Non-Profits and For-Profits
Presented by Wayne Lippman CPA.
US Expatriate Tax Presentation given in Puerto Vallarta and Melaque Mexico for Americans living there concerning filing FBAR forms, form 8938 and other required IRS foreign reporting forms by Don D. Nelson, Attorney, CPA. His website at www.taxmeless.com has a wealth of additional information
In general terms, this is one of the most frequent questions we get from prospective clients. So then, How do you file US tax returns while in Canada?
The first question we need to ask is whether you’re actually required to file US tax returns. Generally speaking, US citizens and Green Card holders are required to file US tax returns regardless of where they live. Therefore Americans living in Canada, whether they’ve recently moved to Canada or have been in the country their entire lives are required to file US tax returns in addition to their regular Canadian tax returns.
US Expat Taxes Explained is a summary overview of our new series about US Expatriate Tax Returns and have the components work. By Greenback Expat Tax Services
Understanding US Expat - A Presentation to IFS AdvisorsDerren Joseph
This document provides an overview and summary of key issues relating to US expats. It introduces Derren Joseph, the presenter, and his qualifications. It then outlines the key points to be covered:
- Defining who is a US person for tax purposes, including citizens, permanent residents, and substantial presence tests.
- Distinguishing between citizenship-based and residency-based taxation and how this impacts expats.
- Highlighting issues with non-qualified insurance policies, PFICs, FBAR reporting requirements, and FATCA compliance for expats holding foreign financial accounts or assets.
- Providing brief summaries of the tax treatment and reporting obligations for these key areas that most impact
IRS Federal income tax for residential aliens 2016Wayne Lippman
Income Tax Workshop for “Nonresident Aliens”
Please NoteThis workshop is for students onF-1 or J-1 visas who have been inthe U.S. for 5 years or less.It is also for scholars on J-1 visas who have been in the U.S.for 2 years or lessThe taxation agency of the U.S. Government to which you
Report your immigration status
File your personal Income Tax Return
http://irs.gov
This document is an IRS Form W-9 used to request a taxpayer identification number and certification. It begins by listing the name and address of the person or entity completing the form. It then requires selection of the appropriate tax classification and provides instructions for individuals, corporations, partnerships, trusts, estates, and other entities. The remainder of the form certifies the provided taxpayer ID number is correct and the person signing is not subject to backup withholding, and provides penalties for providing incorrect or false information.
The document provides an overview of filing US federal taxes, including determining tax residence status, available credits and deductions, social security numbers, foreign income reporting, retirement plans, and health savings accounts. It notes important details like tax law changes, eligibility for the foreign tax credit, and reporting capital gains from foreign property sales. Filers are advised to disclose all relevant tax information to their preparer and try to work with someone available year-round.
Wayne Lippman presents Tax Filing Status GuideWayne Lippman
Who should file their tax? Wayne Lippman explains.
Determine the most advantageous (and allowable) filing status for the taxpayer.
Overview of all 5 filing statii:
Married Filing Jointly (not legally separated)
Qualifying Widow(er) with Dependent Child
Head of Household
Single
Married Filing Separately (Taxpayer either Itemizes or claims 0 standard deductions, if spouse itemized deductions)
*Confirm marital status on the last day of the tax year
Individual Tax Identification Number (ITIN)realsolutions
1) The document discusses Individual Taxpayer Identification Numbers (ITINs), which are issued by the IRS to individuals required to pay tax or have a tax reporting requirement but do not qualify for a Social Security Number.
2) It outlines the requirements to apply for an ITIN, exceptions to the filing requirement, and how to apply through the mail, IRS Taxpayer Assistance Centers, or Acceptance Agents.
3) It also provides information on the Acceptance Agent Program, which allows authorized individuals and organizations to assist others in completing ITIN applications and certifying documentation.
Surviving a Refundable Credit Due Diligence Auditgppcpa
As a tax preparer, you must be aware of the stiff penalties for failing to meet IRS due diligence requirements. Understand that both you and your clients are at risk of being assessed penalties by the IRS
The Kansas Department of Revenue is introducing a new Form K-4 for calculating Kansas state income tax withholding starting in 2008, as the federal Form W-4 differs from state withholding policies. Employees hired after January 1, 2008 must use the new Form K-4, while current employees can continue using the old form or switch to the new one if adjusting withholding. The document provides details on the new form and who must use it, as well as contact information for taxpayers with additional questions.
This document is an IRS Form W-9 used to request a taxpayer identification number from an individual or business. It consists of three parts:
1. Request for the name, address, and taxpayer ID number of the individual or business
2. Certification by the individual or business that the provided taxpayer ID number is correct and that they are not subject to mandatory backup withholding
3. General instructions that provide definitions of terms used in the form such as definitions of a U.S. person and foreign person, as well as special rules for partnerships.
This document provides information about tax considerations for Canadian snowbirds traveling to the United States. It discusses how snowbirds can be considered non-resident aliens or resident aliens by the IRS depending on their length of stay and ties to the US. It notes that both Canada and the US tax worldwide income based on residency, so snowbirds need to be careful not to be deemed residents of both countries. The document also outlines the substantial presence test and closer connection exemption that determine residency status, and lists various social, economic, and personal ties that are considered for the closer connection test. Finally, it discusses the US estate tax implications for non-residents based on their US situs property holdings.
1. The Form W-9 is a request for a taxpayer's identification number and certification. It is used by individuals and entities to provide their correct taxpayer identification number to persons making requests.
2. The form requires basic identification information such as name, address, and taxpayer identification number. It also requires the taxpayer to certify that they are a U.S. person and are not subject to backup withholding.
3. Failure to provide a correct taxpayer identification number can result in penalties. Providing false information can also result in civil or criminal penalties.
This document provides instructions for completing Form SS-4, which is used to apply for an Employer Identification Number (EIN) from the IRS. It explains that an EIN is a nine-digit number assigned for tax filing and reporting purposes. The form is used to establish a business tax account. It provides details on how to apply for an EIN online, by phone, fax or mail. It also lists related forms and publications for additional information.
ct2008 Connecticut Telefile Tax Return and Instructions - taxman taxman
The document provides instructions for filing Connecticut estimated income tax payments for 2008 using Form CT-1040ES. Key details include:
- Taxpayers must make estimated payments if their Connecticut income tax minus withholding is $1,000 or more, and withholding is less than their required annual payment.
- The required annual payment is the lesser of 90% of the 2008 Connecticut income tax or 100% of the 2007 tax.
- Estimated payments are due April 15, June 15, September 15, 2008 and January 15, 2009.
- The worksheet provides guidance on calculating estimated tax liability and payment amounts due each installment.
General Instructions Resident, Nonresident, Part-Year Residenttaxman taxman
1) This document provides general instructions for filing South Carolina income tax returns. It addresses questions about whether a return needs to be filed and which form to use based on residency status and income level.
2) Filing requirements and deadlines are outlined for full-year residents, part-year residents, nonresidents, military personnel, deceased taxpayers, and those needing an extension.
3) Additional topics covered include estimated payments, record keeping requirements, the audit process, filing amended returns, refund offsets, and notifying the state of name or address changes.
Why And Where To Set Up A Foreign Trust For Asset ProtectionEllington78Ellington
A foreign trust must satisfy certain reporting requirements to the IRS, including filing Form 3520-A annually. The key forms are Form 3520-A, Form 5471 if owning a foreign corporation over 10%, and Form 8938 for foreign financial assets over a threshold. Whether a trust is domestic or foreign determines special reporting, and penalties can be imposed for failing to meet reporting rules. Understanding how and when to report a foreign trust to the IRS is important to avoid issues.
This document discusses tax implications for Americans retiring to Israel. It covers both Israeli and U.S. tax systems, explaining that Israel taxes based on residency rather than citizenship. The document also summarizes rules around pensions, investments, work, and reporting requirements to the IRS like FBAR and FATCA. Retirees need to consider tax treatments of various income streams under both tax systems to minimize their tax burden.
Group discussion skills involve initiating discussions, expressing opinions clearly, agreeing and disagreeing respectfully, active listening, and concluding points. Expressing opinions can be done through acknowledging others' views and stating one's own perspective respectfully. Phrases like "I agree with..." and "In my opinion..." are useful for agreeing and stating a personal view. When disagreeing, phrases like "I don't think so..." are preferable to absolute statements.
La alimentación se refiere a la ingesta de cualquier tipo de alimento, ya sea nutritivo o no, mientras que la nutrición implica ingerir alimentos ricos en nutrientes esenciales como proteínas, vitaminas y carbohidratos para el adecuado funcionamiento del organismo.
Este documento describe las diferentes habitaciones y elementos que suelen encontrarse en una casa típica, incluyendo el hall de entrada, el comedor o salón, la cocina, el dormitorio, el baño y los diferentes tipos de casas. Explica brevemente los objetos y características comunes de cada habitación.
US Expat Taxes Explained is a summary overview of our new series about US Expatriate Tax Returns and have the components work. By Greenback Expat Tax Services
Understanding US Expat - A Presentation to IFS AdvisorsDerren Joseph
This document provides an overview and summary of key issues relating to US expats. It introduces Derren Joseph, the presenter, and his qualifications. It then outlines the key points to be covered:
- Defining who is a US person for tax purposes, including citizens, permanent residents, and substantial presence tests.
- Distinguishing between citizenship-based and residency-based taxation and how this impacts expats.
- Highlighting issues with non-qualified insurance policies, PFICs, FBAR reporting requirements, and FATCA compliance for expats holding foreign financial accounts or assets.
- Providing brief summaries of the tax treatment and reporting obligations for these key areas that most impact
IRS Federal income tax for residential aliens 2016Wayne Lippman
Income Tax Workshop for “Nonresident Aliens”
Please NoteThis workshop is for students onF-1 or J-1 visas who have been inthe U.S. for 5 years or less.It is also for scholars on J-1 visas who have been in the U.S.for 2 years or lessThe taxation agency of the U.S. Government to which you
Report your immigration status
File your personal Income Tax Return
http://irs.gov
This document is an IRS Form W-9 used to request a taxpayer identification number and certification. It begins by listing the name and address of the person or entity completing the form. It then requires selection of the appropriate tax classification and provides instructions for individuals, corporations, partnerships, trusts, estates, and other entities. The remainder of the form certifies the provided taxpayer ID number is correct and the person signing is not subject to backup withholding, and provides penalties for providing incorrect or false information.
The document provides an overview of filing US federal taxes, including determining tax residence status, available credits and deductions, social security numbers, foreign income reporting, retirement plans, and health savings accounts. It notes important details like tax law changes, eligibility for the foreign tax credit, and reporting capital gains from foreign property sales. Filers are advised to disclose all relevant tax information to their preparer and try to work with someone available year-round.
Wayne Lippman presents Tax Filing Status GuideWayne Lippman
Who should file their tax? Wayne Lippman explains.
Determine the most advantageous (and allowable) filing status for the taxpayer.
Overview of all 5 filing statii:
Married Filing Jointly (not legally separated)
Qualifying Widow(er) with Dependent Child
Head of Household
Single
Married Filing Separately (Taxpayer either Itemizes or claims 0 standard deductions, if spouse itemized deductions)
*Confirm marital status on the last day of the tax year
Individual Tax Identification Number (ITIN)realsolutions
1) The document discusses Individual Taxpayer Identification Numbers (ITINs), which are issued by the IRS to individuals required to pay tax or have a tax reporting requirement but do not qualify for a Social Security Number.
2) It outlines the requirements to apply for an ITIN, exceptions to the filing requirement, and how to apply through the mail, IRS Taxpayer Assistance Centers, or Acceptance Agents.
3) It also provides information on the Acceptance Agent Program, which allows authorized individuals and organizations to assist others in completing ITIN applications and certifying documentation.
Surviving a Refundable Credit Due Diligence Auditgppcpa
As a tax preparer, you must be aware of the stiff penalties for failing to meet IRS due diligence requirements. Understand that both you and your clients are at risk of being assessed penalties by the IRS
The Kansas Department of Revenue is introducing a new Form K-4 for calculating Kansas state income tax withholding starting in 2008, as the federal Form W-4 differs from state withholding policies. Employees hired after January 1, 2008 must use the new Form K-4, while current employees can continue using the old form or switch to the new one if adjusting withholding. The document provides details on the new form and who must use it, as well as contact information for taxpayers with additional questions.
This document is an IRS Form W-9 used to request a taxpayer identification number from an individual or business. It consists of three parts:
1. Request for the name, address, and taxpayer ID number of the individual or business
2. Certification by the individual or business that the provided taxpayer ID number is correct and that they are not subject to mandatory backup withholding
3. General instructions that provide definitions of terms used in the form such as definitions of a U.S. person and foreign person, as well as special rules for partnerships.
This document provides information about tax considerations for Canadian snowbirds traveling to the United States. It discusses how snowbirds can be considered non-resident aliens or resident aliens by the IRS depending on their length of stay and ties to the US. It notes that both Canada and the US tax worldwide income based on residency, so snowbirds need to be careful not to be deemed residents of both countries. The document also outlines the substantial presence test and closer connection exemption that determine residency status, and lists various social, economic, and personal ties that are considered for the closer connection test. Finally, it discusses the US estate tax implications for non-residents based on their US situs property holdings.
1. The Form W-9 is a request for a taxpayer's identification number and certification. It is used by individuals and entities to provide their correct taxpayer identification number to persons making requests.
2. The form requires basic identification information such as name, address, and taxpayer identification number. It also requires the taxpayer to certify that they are a U.S. person and are not subject to backup withholding.
3. Failure to provide a correct taxpayer identification number can result in penalties. Providing false information can also result in civil or criminal penalties.
This document provides instructions for completing Form SS-4, which is used to apply for an Employer Identification Number (EIN) from the IRS. It explains that an EIN is a nine-digit number assigned for tax filing and reporting purposes. The form is used to establish a business tax account. It provides details on how to apply for an EIN online, by phone, fax or mail. It also lists related forms and publications for additional information.
ct2008 Connecticut Telefile Tax Return and Instructions - taxman taxman
The document provides instructions for filing Connecticut estimated income tax payments for 2008 using Form CT-1040ES. Key details include:
- Taxpayers must make estimated payments if their Connecticut income tax minus withholding is $1,000 or more, and withholding is less than their required annual payment.
- The required annual payment is the lesser of 90% of the 2008 Connecticut income tax or 100% of the 2007 tax.
- Estimated payments are due April 15, June 15, September 15, 2008 and January 15, 2009.
- The worksheet provides guidance on calculating estimated tax liability and payment amounts due each installment.
General Instructions Resident, Nonresident, Part-Year Residenttaxman taxman
1) This document provides general instructions for filing South Carolina income tax returns. It addresses questions about whether a return needs to be filed and which form to use based on residency status and income level.
2) Filing requirements and deadlines are outlined for full-year residents, part-year residents, nonresidents, military personnel, deceased taxpayers, and those needing an extension.
3) Additional topics covered include estimated payments, record keeping requirements, the audit process, filing amended returns, refund offsets, and notifying the state of name or address changes.
Why And Where To Set Up A Foreign Trust For Asset ProtectionEllington78Ellington
A foreign trust must satisfy certain reporting requirements to the IRS, including filing Form 3520-A annually. The key forms are Form 3520-A, Form 5471 if owning a foreign corporation over 10%, and Form 8938 for foreign financial assets over a threshold. Whether a trust is domestic or foreign determines special reporting, and penalties can be imposed for failing to meet reporting rules. Understanding how and when to report a foreign trust to the IRS is important to avoid issues.
This document discusses tax implications for Americans retiring to Israel. It covers both Israeli and U.S. tax systems, explaining that Israel taxes based on residency rather than citizenship. The document also summarizes rules around pensions, investments, work, and reporting requirements to the IRS like FBAR and FATCA. Retirees need to consider tax treatments of various income streams under both tax systems to minimize their tax burden.
Group discussion skills involve initiating discussions, expressing opinions clearly, agreeing and disagreeing respectfully, active listening, and concluding points. Expressing opinions can be done through acknowledging others' views and stating one's own perspective respectfully. Phrases like "I agree with..." and "In my opinion..." are useful for agreeing and stating a personal view. When disagreeing, phrases like "I don't think so..." are preferable to absolute statements.
La alimentación se refiere a la ingesta de cualquier tipo de alimento, ya sea nutritivo o no, mientras que la nutrición implica ingerir alimentos ricos en nutrientes esenciales como proteínas, vitaminas y carbohidratos para el adecuado funcionamiento del organismo.
Este documento describe las diferentes habitaciones y elementos que suelen encontrarse en una casa típica, incluyendo el hall de entrada, el comedor o salón, la cocina, el dormitorio, el baño y los diferentes tipos de casas. Explica brevemente los objetos y características comunes de cada habitación.
Este documento describe diferentes tipos de materiales, sus propiedades y cómo se ven afectados por factores externos. Existen materiales naturales como la madera, piedras y algodón, y materiales artificiales como el plástico y el vidrio. Los materiales tienen propiedades como dureza, fragilidad y flexibilidad. Fuerzas, calor, agua y oxígeno pueden causar cambios en la forma, color u otras propiedades de los materiales.
This letter is signed by representatives from various companies and NGOs concerned with sustainable palm oil. It is addressed to Commissioners for Energy and Climate Action at the European Commission. The letter expresses concern that the Commission's draft communication on implementing the EU Renewable Energy Directive could damage efforts to promote sustainable palm oil. Specifically, it is worried that including palm oil plantations under the definition of "continuously forested areas" is scientifically incorrect and could mislead the public and damage trust in sustainable palm oil initiatives. The letter urges the Commission to exclude palm plantations from this definition in the final communication.
1. The document describes a procedure for isolating antibiotic-producing fungi from soil samples through serial dilution and culture techniques. Various culture media are listed that can be used to selectively grow fungi.
2. The serial dilution method is used to isolate fungi from soil samples. Samples are diluted across test tubes and aliquots are plated on potato dextrose agar to promote fungal growth.
3. Once isolated, pure cultures of fungi can be grown in broth culture to produce secondary metabolites like antibiotics over one week for analysis.
Maps represent the spherical Earth on a flat surface, which requires projections that distort the globe's shape. Projections display the globe using planar, cylindrical, or conic shapes to flatten it. Scale relates distances on a map to actual distances, shown numerically as a ratio or linearly with a divided line. Numerical scale gives the fraction comparing map units to land units, while linear scale directly measures map distances.
International Taxation – US Citizen and Green Card Holder (Resident Alien)Smart Accountants
With the Tax Season shaking the entire industry, only something valuable should divert your attention. And believe us when we say that our webinar series, which covers a variety of highly engaging topics around U.S Taxation is exactly what you should be focusing on!
Big John, a U.S. citizen living in the Philippines, must file several IRS forms to report his foreign income and bank accounts. These include Form 1040 to report worldwide income, as well as FBAR and FATCA forms to disclose foreign bank accounts and financial assets. Failure to file these informational forms can result in penalties from the IRS, even if no tax is due. The presentation provides examples and thresholds for when these various forms are required.
The document provides an overview and update on international taxation rules for cross-border transactions. It discusses key concepts like controlled foreign corporations, foreign tax credits, FACTA requirements, and filing requirements for outbound and inbound international transactions. Failure to comply with foreign reporting rules can result in civil and in some cases criminal penalties. The presentation aims to help people understand and properly adhere to the complex IRS regulations for international tax compliance.
Big John, a U.S. citizen living in the Philippines, must file several IRS forms to report his foreign income and bank accounts. These include Form 1040 to report worldwide income to the IRS. He may also need to file Form 1116 if he paid foreign taxes, and Forms 3520 or 3520-A to report any foreign trusts or corporations he has an interest in. Big John must file an FBAR if he has over $10,000 in foreign bank accounts, and may need to report foreign accounts under FATCA as well. Failure to file these informational forms can result in penalties from the IRS.
Taxes Without Borders- The Essential Guide for U.S. Residents Living AbroadUSA Expat Taxes
As a U.S. resident living and working abroad, understanding your tax obligations can be a daunting task. Unlike many other countries, the United States imposes a global taxation system, which means that even if you're earning income overseas, you're still required to file and pay taxes to the IRS. However, fear not! This comprehensive guide will equip you with the essential knowledge to navigate the complexities of American tax for U.S. residents living abroad.
Numerous US individuals own overseas assets or have an interest in them. The IRS may penalize these taxpayers if they fail to report these assets on their tax filings. Consequently, the streamlined filing compliance procedure exists to assist these individuals with:
– A streamlined process to file delinquent or amended tax returns;
– Resolving tax and penalty procedures for filing delinquent or amended returns; and
– Resolving penalty and tax obligations
This webinar will guide you through the complexities of Streamlined Filing Compliance Procedures and make your US Tax Journey Exponentially easier!
Takeaways:
Topics that we will cover in the upcoming webinar:
1. Introduction to Streamlined filing
2. Eligibility Criteria for Streamlined Filing
3. Types of Streamlined Filing
– Streamlined Foreign Offshore Procedures
– Streamlined Domestic Procedures
4. Other rules and regulations
5. FAQs, and much more
Who Attended?
- US Citizens Living in the US and Outside
- CPAs, EAs, CAs, ACCAs
- Tax and Accounting Professionals with US Citizens as their clients
With the Tax Season shaking the entire industry, only something valuable should divert your attention. And believe us when we say that our PPT series, which covers a variety of highly engaging topics around U.S Taxation is exactly what you should be focusing on!
This document summarizes a presentation on taxation for nonresident aliens. It discusses the differences between nonresident aliens, resident aliens, and US residents for tax purposes. The substantial presence test and green card test are explained for determining resident alien status. Tax forms like 1040NR, 1042-S, and W-7 are also summarized. The document provides an overview of Glacier Tax Prep software for filing taxes and addresses where to mail completed tax documents.
tax presentation students tax presentation studentsAbdullahakan1
The document provides information about federal tax filing requirements and guidance for international students. It outlines the agenda for the tax information session, including discussing tax basics, forms received and completed, tax residency status, filing information for non-residents, tax treaty information, and completing and filing the necessary forms. The session will help international students understand their tax obligations and ensure they correctly file the required federal tax forms by the deadlines.
This document summarizes tax planning considerations for Chinese nationals relocating to the United States for EB-5 investment or executive positions. It discusses how to determine US tax residency status, income tax rates and treaty planning. Pre-arrival planning tips are provided like realizing income before arriving, undertaking transactions to step up the basis of assets, and establishing foreign trusts or gifting assets. Reporting requirements for non-US investment entities are also summarized.
This document provides information about a seminar on U.S. taxation issues for expatriates presented by AmCham Bahrain. The guest speaker, Stuart Horwich, is a U.S. attorney who has extensive experience advising international clients on U.S. tax issues. The seminar covered topics such as U.S. citizens' tax liability regardless of residence, income tax rates and brackets, exclusions for earned and housing income abroad, reporting of foreign bank accounts, and options for non-filers to become compliant.
This document outlines the key documents needed for US expat tax preparation. It discusses providing a tax questionnaire, prior year's tax return, and travel calendar. It also details the documents needed for reporting income sources like wages, interest, dividends, stocks, real estate transactions, pensions, annuities, social security benefits, and other income. Finally, it discusses documents for deductions like interest and taxes paid, foreign housing expenses, dependents, and other deductions. It advises expat taxpayers to contact issuers if any tax documents seem to be missing.
Knowing which tax documents you need and gathering them early is one of the top ways to save time and frustration when filing your US expat taxes from abroad.
Learn about the most common expat tax documents, where to find them, and how to navigate foreign documents during this webinar.
This document provides an overview of U.S. taxation of foreign nationals. It discusses the key tests for determining if a foreign national is considered a U.S. tax resident, including the lawful permanent resident test and substantial presence test. It then covers various aspects of U.S. tax law as they apply to foreign nationals, such as income taxation of residents and nonresidents, sourcing rules, dual-status taxpayers, filing requirements, social security taxes, estate taxes, tax treaties, and other considerations. The document is intended to give readers a basic understanding of how the complex U.S. tax system applies to foreign individuals working or earning income in the United States.
Tax regulations in USA affecting NRI's - 2013NS Global
The document discusses tax regulations in the USA affecting non-resident Indians (NRIs). It covers various topics such as:
1) Individual tax status is determined by citizenship, residency tests or visa status and worldwide income is taxable for US citizens and green card holders.
2) Different types of tax returns exist for residents, non-residents and various visa categories like students.
3) Federal and state income taxes apply to income earned within the USA. Taxes paid can be credited against each other.
4) Investments of NRIs in India and USA are discussed along with their tax implications.
Americans face many investing challenges while living in the UK. They require help with keeping constant vigilance on rules and regulations. Get in touch with a Maseco financial advisor expert today to see how we can help you get a handle on your domestic and foreign investments.
While residing in the UK, US citizens have numerous investing hurdles. They must remain vigilant about laws and regulations at all times. Contact a Maseco US UK financial advisor today to learn how we can assist you in managing your domestic and international investments.
Only a few organizations are excused from filing an annual tax return with the Internal Revenue
Service. Anyone with an annual worldwide income below a specified threshold or who meets certain
criteria falls into this category. The IRS website can tell you if you need to file a tax return as a US
ex-pat. It's also a good idea to get advice from a tax expert in the United States.
When leaving the nation, you should consider any tax ramifications to your income. Salaries and
property taxes, for example, are related to specific areas. Cash investments, for example, are
movable assets.
The document summarizes international tax planning opportunities for individuals moving to or from the United States. It discusses pre-arrival planning strategies like realizing income, undertaking asset transactions, and establishing foreign trusts before becoming a US tax resident. It also covers US taxation of residents and nonresidents, US reporting requirements for foreign accounts/entities, and estate planning techniques.
US citizens and green card holders are required to file a US tax return if their annual income exceeds certain thresholds, regardless of whether the income was earned in the US or abroad. The regular filing deadline is April 15th, but Americans living abroad have until June 15th to file. An automatic extension can be obtained by filing Form 4868 by October 15th. Those with over $10,000 in foreign bank accounts must file Form TD F 90-22.1 by June 30th to report them, or face penalties. Greenback Tax Services helps expat Americans file their required US tax returns and foreign bank account reports for a fixed, low price.
2. WHAT IS CROSS BORDER &
INTEGRATED WEALTH
PLANNING?
Financial and Business Planning for Individuals
to determine US Tax Exposure and meet Compliance
Regulations to avoid negative consequences
such as Penalties, Double Taxation (ie: Tax Traps), etc.
Cross Border Planning to structure the Assets of
Individuals and Businesses to minimize US Tax
Exposure
3. HOW DO YOU DETERMINE
US TAX EXPOSURE…
1. Were You or your Spouse born in the US or were either of your Parents
born in the US
2. How much time do you spend in the US each year
3. Do you own Property in the US and if so, what is the Value of the Property
4. Have you ever held a Green Card in the US
Most countries tax residents only. The United States taxes both US
citizens (wherever they may be) and resident aliens
4. US TAX EXPOSURE
CONTINUED
6. Are you the Beneficiary or Trustee of a US Trust
7. Are you the Beneficiary or Executor for a US Person
5. Do you have any Income from US Sources (ie: Rental Income,
Employment)
8. Do you own US Stocks or US Property valued at $100k or more
5. WHY DOES IT MATTER
The provisions commonly known as the Foreign Account Tax
Compliance Act (FATCA) became law in March 2010.
FATCA targets tax non-compliance by U.S. taxpayers with foreign
accounts. FATCA focuses on reporting:
1. By U.S. taxpayers about certain foreign financial accounts and
offshore assets
2. By foreign financial institutions about financial accounts held by U.S.
taxpayers or foreign entities in which U.S. taxpayers hold a substantial
ownership interest
6. Under FATCA, all Financial Institutions and Investment
Companies in Canada must collect Information on
Citizenship and report that Financial Information
annually
As of July 1st, 2014 all Financial Institutions and Investment Firms
in Canada are releasing information to CRA on US Persons
Under the Inter-governmental Agreement signed with the US
Canada is releasing taxpayer information to the IRS.
7. WHAT IS A US PERSON
The term ''United States person'' (US person) includes a US citizen or resident alien of
the United States, as well as domestic corporations, estates, and partnerships. It
extends to trusts controlled by a US person or over which a US court has primary
jurisdiction
US CITIZEN
An individual is a US citizen if born in the United States, Puerto Rico, Guam or the US
Virgin Islands.A person born outside the US with at least one US citizen parent MAY
be a US citizen. Numerous factors can affect the determination, including date of birth,
application before or after age 18, years the US parent resided in the US, parents’
marital status, and more. Generally a citizen must make an intentional positive action
in order to lose/end citizenship.
An application and grant of citizenship in another country does not automatically
revoke US Citizenship
8. RESIDENT ALIEN OR NON-RESIDENT ALIEN
The US uses the term alien to mean a person who is neither a US citizen nor a US
national (this latter term applying to those born in certain US protected territories).
A resident alien is effectively subject to the same tax reporting obligations as a US
citizen, whereas a non-resident alien is generally only subject to tax on US-source
income.
A person will be considered a resident alien if either of two tests is met:
1. the Green Card Test or
2. the Substantial Presence Test
9. SUBSTANTIAL PRESENCE
TEST
Each time your Cross the Border, your # of Days in the US is calculated into
meeting the Substantial Presence Test.
The Substantial Presence Test confirms Resident Status and a Tax Filing Requirement
183 Days in the Current Year
Plus 1/3 of the Days from the Previous Year
Plus 1/6 of the Days from the Previous 2 Years
10. GREEN CARD TEST
A person is a resident alien by virtue of the green card test if the person has
been given the right to reside permanently in the US as an immigrant,
generally by the U.S. Citizenship and Immigration Services (USCIS) issuing
Form I-551, also known as a ‘green card’.
Resident status continues unless it is terminated by USCIS, or the person
makes a voluntary renunciation in writing. Accordingly, the US may consider
the person to be a resident alien for tax purposes, despite that the person no
longer resides in the US.
11. Closer Connection to Canada
Form- IRS FORM 8840
Example: If you maintain your Principle Residence in Canada and live/ work
primarily in Canada you can file a Closer Connection to Canada Form
annually with the IRS to address Residency Exposure
Despite meeting this test, a person may be treated as a non-resident alien
if proof is provided to show a closer connection to a foreign country, using
IRS Form 8840 (Closer Connection Exception Statement).
12. WHAT DO YOU HAVE TO
FILE?
1. Individual Tax Returns from 2011 to Present including Foreign Corporate Disclosure
for Business Owners/ Shareholders in Foreign Corporations
2. FBAR’s (FinCEN Form 114)- Report On Foreign Bank And Financial Accounts
for previous 6 years
UNDER THE STREAMLINED APPROACH
3. Statement Of Specified Foreign Financial Assets” for Accounts
valued at $200k USD or greater
.
13. FILING THE US TAX
RETURN
Form 1040 is used for individual income tax return fling. An annual income tax
return must be filed for any tax year in which gross income is equal to or greater
than the applicable exemption amount and standard deduction.
Form 1040 is used in combination with other Forms and Schedules to file an
Individual Tax Return
The individual filing deadline for Out of Country Individuals is June 15th
14. FILING THE FBAR
A US person who holds at least $10,000 in foreign financial accounts (including
certain foreign non-account investment assets) must make an annual filing,
irrespective of income.
The online form is Form 114 Report of Foreign Bank and Financial Accounts (FBAR).
The FBAR must be filed annually with Financial Crimes Enforcement Network
(FinCEN), a bureau within the US Department of the Treasury.
It must be received by June 30 (for reporting the preceding calendar year).
Penalties: Up to $10,000 initially, and up to $60,000 for continuing failure after IRS
notice. Criminal penalties may also apply.
15. THE OFFSHORE VOLUNTARY
DISCLOSURE PROGRAM (OVDP)
The stated IRS objective is to bring taxpayers that have used
undisclosed foreign accounts and assets, including those held through
undisclosed foreign entities, to avoid or evade tax into compliance with
United States tax and related laws.
On an OVDP filing, the IRS may waive the most severe penalties, and
criminal sanctions may be avoided. However, taxes, interest and
some penalties will still apply.
16. FILING THE SPECIFIED
FOREIGN ASSET
DISCLOSURE
Under FATCA, US taxpayers who hold an aggregate of $50,000 in
foreign accounts will be required to file a new Form 8938 Statement of
Specified Foreign Financial Assets with their annual tax return
The threshold reporting requirement for non residents is $200,000,
Penalties: Up to $10,000 if non-wilful; if willful, up to the greater of $100,000
or 50 percent of account balances. Criminal penalties may also apply
17. PASSIVE FOREIGN
INVESTMENT CORPORATION
(PFIC’S)
(PFIC) rules force disclosure of information about and income details for
certain foreign investment structures owned by US persons.
Due to an IRS policy change in 2010, non-US mutual funds held by US
persons are now considered PFICs.
18. NON-REGISTERED
CANADIAN MUTUAL FUNDS
A U.S. person holding a Canadian mutual fund is required to annually report
such holdings to the IRS using Form 8621, Information Return by a
Shareholder of a Passive Foreign Investment Company or Qualified Electing
Fund.
Failure to do so will likely result in the gains on disposition to be taxed at the
highest US tax rate at the time, with interest levied for implied underpaid taxes
during the holding period
**Where a Canadian mutual fund is held within a RRSP/RRIF, the Form 8621
disclosure and filing obligation will not apply so long as the Form 8891 filing is
kept up-to-date.**
19. REGISTERED PLANS
(RRSP’S, RIF’S, LIRA’S, LIF’S)
To benefit from the tax-sheltering in a RRSP/RRIF, a US person must
annually file Form 8891 U.S. Information Return for Beneficiaries of Certain
Canadian Registered Retirement Plans.
Form 8891 details the:
1. Contributions to a RRSP;
2. Undistributed earnings; and
3. Distributions from a plan
20. TFSA’S, RESP’S AND
RDSP’S
TAX FREE SAVINGS ACCOUNT
REGISTERED EDUCATION SAVINGS PLANS
REGISTERED DISABILITY SAVINGS PLANS
* ARE NOT TAX SHELTERED IN THE US AND THE
GROWTH IS TAXABLE *
21. AVOID INCOME TAX
TRAPS
1. Tax Free Savings Accounts (TFSA)
2. RESP and RDSP’s
3. Check Foreign Tax Credit/ Foreign Income Exclusion
before making RRSP contributions ($100,800 max for
2015)
4. Life Insurance UL (Permanent Side Funds) are Taxable
in the US and Exempt in the US
5. PFIC Cleanse
22. BUSINESS OWNERS AND
SHAREHOLDERS OF
CANADIAN CORPORATIONS
Are required for file Form 5471 Information Return of U.S. Persons With Respect
To Certain Foreign Corporations and associated Schedules annually and
attach to their Individual Tax Return
This is a very complex form and requires analysis of the Canadian Corporate
Financial Statements.
NOTE: All amounts are required to be reported in USD and the foreign exchange
conversion must be detailed (amounts to be shown in Functional Currency and USD)
23. FAILURE TO FILE- “What are
the Consequences?”
Failure to File Penalties and Interest issued by the IRS
Difficulties Crossing the US Border
Severe Penalties and possible Criminal Charges for Non-
Disclosure of Foreign Assets
24. HOW CAN WE HELP…
Analyze your US Tax Exposure
Assist with the collection of the necessary information to file the Tax Returns
and FBAR’s
Assist with obtaining Social Security Numbers, Individual Identification Numbers
Employer Identification Numbers
Prepare your US Tax Forms and FBAR’s
Re-Structure your Personal and Business assets to minimize US Tax Exposure
Prepare Estate Plan to protect your Assets in Canada/ US to minimize Estate
Tax, Fees and Complications.
25. CROSS BORDER SOLUTIONS
& INTEGRATED WEALTH
PLANNING
WWW.KELLERFINANCIAL.CA
Interactive Screening Tool for US Tax Exposure
Interactive Software for US Tax Self Filing specific to Cross
Border Canadian Tax Payers.
26. NOTICE:
This presentation is the property of Keller Financial & Business Planning
and Cross Border Solutions & Integrated Wealth
It may not be reproduced or distributed without permission.