Andrew Coleman

A dormant foreign corporation is an inactive non-US corporation that may qualify for a shorter Form 5471 filing under Rev. Proc. 92-70, but dormancy does not automatically remove US reporting for the 2025 tax year. The IRS still looks at the owner’s Form 5471 filer category, ownership percentage, annual accounting period, and whether the co...

Every year, more Americans choose to build new lives overseas — nearly ...

California does not have a formal exit tax for 2025 returns filed in 2026. The real risk is California residency, part-year residency, and California-source income after the move. As of mid-2026, Proposition 40 is a November 3, 2026 ballot measure, not current tax law. A move out of California does not end every California tax issue on ...

Receiving a large gift or inheritance from someone abroad rarely creates a US income tax bill. What it can create is a reporting obligation. Under IRC §102, gifts and inheritances are excluded from the recipient’s gross income, but US persons must disclose qualifying foreign gifts on Form 3520 when the amount crosses specific threshold...

The US allows dual citizenship, and many countries worldwide permit it in some form, though no official master list exists. Whether you can actually hold a US passport plus a second one comes down to the nationality law of the other country – ...

In 2026, the source of your income matters almost as much as the amount because the IRS treats money you work for differently from money that works for you. Wages, interest, dividends, capital gains, pensions, gifts, and crypto rewards can all land on different forms, tax lines, and reporting schedules. The following 4 takeaways summari...