Andrew Coleman

Disclaimer This article is for informational purposes only and does not constitute legal or tax advice. Always consult with a tax professional for your specific circumstances. ...

US tax rules, particularly those involving foreign corporations and Form 5471, can be complex and overwhelming for taxpayers. In this article, we’ll break down what Form 5471 is, who is required to file it, the penalties for non-compliance, and share tips to keep you on track with the IRS. What is Form 5471? ...

Many US expats run businesses abroad, and that is fine, but the IRS can step in when a controlled foreign corporation is not reported. This is where Form 8992 helps, because it shows the income the IRS needs to see under the GILTI rules in the Tax Cuts and Jobs Act. When a US taxpayer owns 10% of a foreign corporation, these rules can apply, and ...

Owning a company outside the US can feel confusing when you see taxes taken in two places. The Section 962 election is a rule that helps make things fair. It allows an American who owns a foreign-controlled corporation overseas to use the same tax steps that a large US company uses. This means you can lower your bill if the foreign tax rate is no...

Every year, Canadian families pour billions into Registered Education Savings Plans, building a cushion for their children’s future studies. These accounts reward early savers through government grants and years of tax-deferred growth, making the RESP a cornerstone of Canadian education planning. Yet for many US expats in Canada, this same tool c...

Working as an overseas contractor often means your earnings remain subject to US tax, even while abroad. Relief may come through the foreign earned income exclusion or foreign tax credits, but self-employment tax at 15.3% still applies. This article is brought to you by Taxes for Expats &nda...