Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? If you answered ‘yes’ to either of those questions here are seven tax tips you should know about foreign income: 1. Report Worldwide Income. By law, U.S. citizens and residents must report their worldwide
WASHINGTON ― The Internal Revenue Service today made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans. As part of this, the IRS provided retroactive relief to eligible taxpayers who […]
By Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation) The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice and the Swiss Federal Department of Finance. […]
WASHINGTON — Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular April 15due date. Eligible
Federal Tax Day – Current,I.1,Countries for Which Former Residents Eligible for Waiver of Residency Requirements Due to Civil Unrest Released (Rev. Proc. 2014-25),(Mar. 25, 2014) The IRS has released a list of countries for which the existence of adverse conditions during specified periods may excuse failure by a taxpayer to meet the foreign presence or […]
