Who files Form 5471? Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, will likely be required to file Form 5471. What is the Purpose of Form 5471? Form 5471 “Information Return of U.S. Persons With Respect to Certain Foreign Corporations” is relevant to a [...]
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DEADLINES AND PAYMENTS: In the end of March 2020, the IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. The IRS has also said Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and [...]
Holidays season has just passed and you’ve probably gave away a lot of presents. Have you ever wondered whether these gifts are subject to any tax? What is a gift? A gift is made when the value of the property transferred (directly or indirectly) exceeds the value of consideration received in return. Thus, if you’re [...]
For all voluntary disclosures received after September 28, 2018, the IRS has a new program called the Voluntary Disclosure Practice (VDP). It is replacing the old Offshore Voluntary Disclosure Program (OVDP) which was closed on September 28, 2018. It applies to both domestic and offshore voluntary disclosures. It is an option designed for taxpayers to get back into [...]
For U.S. citizens or resident aliens, the rules for filing income tax returns and paying estimated tax are generally the same whether taxpayers are in the U.S. or abroad. All worldwide income is potentially subject to U.S. income tax. For U.S. citizens living oversea, there are additional filing requirements/deadlines that need to be addressed. Please [...]
Having to file tax returns every year can be challenging and painful. But what’s worse? The IRS can penalize you for all sort of reasons and it can cost you a great deal of money and time to resolve. Here is a list of penalties that are most encountered by taxpayers. Penalty for Not Filing [...]
Introduction to a 529 Plan: A 529 plan is designed to encourage saving money for future education costs. The tax-advantaged savings plan has two types, including prepaid tuition plans and education savings plans. Prepaid tuition plans: A type of 529 plan that lets an account owner purchase units or credits at participating colleges or [...]
Do you need assistance with Hong Kong salaries tax? Here is an overview of the general individual taxation system in Hong Kong. In Hong Kong, Hong Kong adopts a territorial source principle of taxation. Individuals are taxed only on income that has been “earned in Hong Kong”. There is no capital gains tax, no interest/dividend tax and no inheritance [...]
For taxpayers living overseas who have not filed U.S. tax returns in the past, the IRS is providing options for resolving their tax and penalty obligations. The U.S. is one of only two countries (the other Eritrea) that taxes its citizens on their worldwide income regardless of their location. We know of taxpayers who have [...]