Form 1040 is the standard federal income tax form that individuals use to report their income to the IRS. All U.S. persons (US Citizens, GreenCard Holder and Resident Aliens) are required to file a Form 1040 annually, regardless of their income source, the country...
Passive Foreign Investment Company (PFIC) A foreign entity/form of investment is a PFIC if it meets either the income or asset test described below. Income test. 75% or more of the corporation’s gross income for its taxable year is passive income (as defined in...
Americans living abroad must still file taxes in the United States. In addition, US expat taxes are more complex. This is because there are specific rules (and benefits!) when filing an American expatriate tax return. But thanks to these benefits, many expats don’t...
Recent Comments