Andrew Coleman

Schedule M of Form 5471 reports specified transactions between a controlled foreign corporation and certain US persons or related entities. For a calendar-year CFC’s 2025 tax year filed in 2026, the current Schedule M remains the December 2021 revision, while the governing Form 5471 instructions are dated December 2025. As of Octo...

For 2025 tax returns filed in 2026, Form 5471 Schedule H calculates a foreign corporation’s current earnings and profits for US tax purposes, while Schedule H-1 serves a different function – calculating a CFC’s adjusted net income or loss for certain corporate alternative minimum tax filers. The distinction matters because the t...

The best international bank for expats depends on four things: multi-currency access, transfer costs, remote account opening, and ATM access. HSBC Expat – higher-balance multi-currency banking from eligible countries. Wise – low-cost currency transfers and 40+ currencies w...

Most expat tax obligations begin with Form 1040 and branch into additional forms depending on income type, account balances, and foreign entity interests. For tax year 2025, a single filer under 65 generally must file once gross income reaches $15,750. That obligation follows citizenship, not location. Which specific US expat ...

IRS Form 5471 is an information return that US persons file to report their interests in certain foreign corporations. It is attached to your income tax return – not filed separately – and is required even if the foreign corporation had no income and you owe no US tax. The penalty for not filing is $10,000 per foreign corpor...

FinCEN Form 114, better known as the FBAR, requires US persons to report their foreign financial accounts to the Treasury each year. If you are married, one thing to get straight early: your Form 1040 filing status – MFJ or MFS – has no bea...