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Oregon is a lovely state which hosts a number of immigrants from many different countries (especially in Portland, but also Salem and Eugene). Many of these new US taxpayers own assets in foreign countries and receive income generated by these assets. Unfortunately a number of these taxpayers are not in compliance with their US international […]
This essay seeks to identify those considered to be a “US Taxpayer” with respect to reporting foreign real estate or income from it to the IRS. In other words, today, I will discuss the foreign real estate US Taxpayer definition. Foreign Real Estate US Taxpayer Definition: IRC §7701(a) The definition of “US taxpayer” for the […]
Failure to timely and correctly submit Form 5471 with a US tax return may lead to an imposition of Form 5471 penalties. In this article, I will discus the most important 2022 Form 5471 penalties that US taxpayers may face if they fail to comply with the Form 5471 requirements. 2022 Form 5471 Penalties: Purpose […]
Streamlined Foreign Offshore Procedures has been the best voluntary disclosure option for eligible US taxpayers with undisclosed foreign assets and foreign income, and I predict that it will remain so in the year 2022. Let’s discuss in more detail the unique advantages of the 2022 Streamlined Foreign Offshore Procedures. 2022 Streamlined Foreign Offshore Procedures: Background […]
Florida is one of the most favorite destinations for immigrants as well as US citizens who do business overseas. Many of these taxpayers own assets in foreign countries and receive income generated by these assets. For this reason, Florida is also one of the leading states when it comes to individuals who wish to go […]