Andrew Coleman
Articles
Bona fide residence test explained: How US expats can qualify for tax breaks
Understanding how to qualify as a bona fide resident can be the key to unlocking valuable tax savings while living abroad. The bona fide residence test is one of two primary methods US expats can use to exclude foreign earned income from US taxation under the ...
IRS Form 5472 guide: key rules for foreign-owned US companies
If you're a foreign owner of a US company or a foreign entity doing business in the US you’ve probably come across Form 5472. You should use this form to report some or all of your financial transactions to the Internal Revenue Service (IRS). In this guide, you’ll find information about who needs to file this form, which...
Form 5471: a guide for US taxpayers with foreign interests
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? ...
Unraveling IRS Form 4852: The substitute for missing W-2 or 1099-R Forms
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. ...
How to file back taxes: Avoid any severe consequences
The term 'Back Taxes' refers to the taxes that you owe for a previous tax year and have yet to file. This can happen for various reasons, such as ignorance or financial difficulties. However, it is crucial to rectify this mistake as soon as possible to avoid any legal repercussions. Why file back taxes?...
How to file Form 1116 and get credit for foreign taxes paid
If you earn income outside the US, chances are you’ve run into the issue of double taxation. The IRS offers ways to avoid that, and one of the most effective tools is the foreign tax credit, claimed using Form 1116. The process can get complicated, especially if you have income from multiple countries, different types of income, o...