29 05, 2023

Form 8833: Your Key to Unlocking Tax Treaty Benefits

2023-05-29T09:06:08+00:00Foreign Persons/Nonresident Aliens(NRA), Tax Benefits|0 Comments

What is Form 8833? Form 8833 is a document that taxpayers must file with the Internal Revenue Service (IRS) if they are claiming a treaty-based return position. A treaty-based return position is when a taxpayer is claiming a tax treaty benefit that overrides the Internal Revenue Code (IRC). Form 8833 is used to disclose the taxpayer's position and provide the necessary information [...]

8 03, 2023

Form 8854: Initial and Annual Expatriation Statement

2023-03-08T08:38:58+00:00*FAQs (Frequently Asked Questions), Penalties, Tax Filing Requirements|0 Comments

In the past few years, there has been an upsurge in US citizenship renunciations. In a recent Forbes article[i], between 2005 and 2009, less than 2,500 people renounced their citizenship. Between 2010 and 2020, this number went up to 36,840. The reasons behind such renunciations could be political or personal and irrespective of the reasons [...]

23 12, 2022

Do I need to file FBAR or Form 8938?

2022-12-23T07:39:17+00:00FBAR/FATCA, U.S. Taxes - General|0 Comments

If you have a foreign bank account(s), it is likely you’ll have FBAR and Form 8938 (Statement of Specified Foreign Financial Assets) filing requirement. Below are answers to a few basic questions related to those forms. What is FBAR and 8938? FBAR: The FBAR (Foreign Bank Account Reporting) formerly called the Report of Foreign Bank [...]

6 12, 2022

Anything missing or need correction in your Hong Kong tax assessment?

2022-12-06T08:12:22+00:00HK/Foreign Taxes, Other Information|0 Comments

If you have timely filed your Hong Kong individual tax return for the year 20xx/20xx, you should have received/ will receive your Hong Kong tax assessment. Generally, the tax assessment should match with tax returns that you have filed to the Inland Revenue Department (“IRD”) and the employer’s return filed by your employer(s). However, you [...]

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