Posts Tagged ‘ foreign tax lawyer ’

Definition of “U.S. person” for FBAR (Report on Foreign Bank and Financial Accounts) Purposes

Jun 7th, 2010 | By | Category: International Tax Attorney Minneapolis, international tax lawyer minneapolis, Legal Notes

Since October of 2008, the definition of a “U.S. person” has been going through a turbulent phase of uncertainty with periodic expansions and retractions. The pre-2008 FBAR instructions (dating back to July of 2000 version) defined the “U.S. person” broadly as: “(1) a citizen or resident of the United States, (2) a domestic partnership, (3) [...]

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Effect of the Foreign Earned Income Exclusion on the Self-Employment Tax on Business Activities Oversees

Jan 3rd, 2010 | By | Category: international business lawyer st paul, international tax lawyer minneapolis, international tax lawyer minnesota, international tax lawyer st paul, Legal Notes

In this essay, I would like to explore the relationship between the self-employment tax and the tax exclusion of income earned by the U.S. businesses abroad. The self-employment tax is a social security and Medicare tax on net earnings from self-employment. A self-employed U.S. citizen or resident must pay self-employment tax if his net earnings [...]

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House passes the Tax Extenders Act of 2009

Dec 11th, 2009 | By | Category: International Tax Attorney Minneapolis, international tax lawyer minneapolis, Legal Notes

On December 9, 2009, the U.S. House of Representatives approved H.R. 4213, the “Tax Extenders Act of 2009.” The bill would extend for one more year more than forty tax provisions that are set to expire at the end of this year, including the research credit and a number of important tax breaks for individuals. [...]

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Definition of Foreign Earned Income for the purposes of Foreign Income Exclusion under I.R.C. §911

Sep 19th, 2009 | By | Category: Legal Notes, minneapolis business lawyer, minneapolis tax lawyer

Under I.R.C. §911, if certain conditions are met, a qualified individual can exclude as much $91,400 (for tax year 2009) of foreign earned income from taxable gross income. Two questions arise: what is earned income, and when is such income considered to be foreign earned income?

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Understanding Foreign Income Exclusion under I.R.C. §911: General Information

Sep 5th, 2009 | By | Category: International Tax Attorney Minneapolis, international tax lawyer minneapolis, Legal Notes

Under I.R.C. §911, a U.S. citizen or resident can elect to exclude as much as $91,400 (for tax year 2009) of foreign earned income and some or all foreign housing costs from taxable gross income if two conditions are met.

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