Andrew Coleman
Articles
Taxpayers With Non-Us Corporations Subject to Additional Filing Requirements [2020 Tax Year]
New: Foreign owned Controlled Foreign Corporations (CFC) The IRS has increased the complexity of Form 5471 over the years. 2020 is no exception. With the new revision of form 5471, certain taxpayers who are 10% or more owners o...
Dormant Foreign Corporation: Why & How to File Form 5471
Filing tax returns and forms can be overwhelming for people who are not into the details. In this article, you will find everything you need to know about Dormant Foreign Corporation, why filing Form 5471 is so important and what penalties apply for those who fail to ...
Biden Tax Plan Analysis
When Biden is sworn into office in January 2021, US Taxpayers, both abroad and in the US, may experience changes to their US tax returns. The Internal Revenue Service requires all US citizens to file a tax return each year reporting income regard...
Relief from Filing Forms 3520a/3520 for Certain Tax-Favored Foreign Trusts
IRS exempts certain plans from onerous trust reporting Rev. Proc. 2020-17 exempts from section 6048 information reporting an eligible individual’s transactions with, or ownership of, an applicable tax-favored foreign trust. As a result, the penalties under section 6677 ...
Totalization Agreement and Additional Child Tax Credits
Totalization agreements US citizens and green card holders residing abroad are responsible for making contributions to the U.S. Social Security system on net business income. Self-employed taxpayers residing in a country that has a ...
U.S Tax Impact from portability between non-US retirement plans
Transfer of funds from one pension plan to another may be treated a taxable event in the US (there is no official document to substantiate the tax exemption). Introduction Many Americans are working abro...