Foreign Earned Income Exclusion

FBAR US citizenship US Taxation US Taxes for Non-Residents

The US taxes its citizens and residents based on their worldwide income. A US citizen living abroad can elect to exclude a certain amount of foreign earned income on his or her US income tax return, if certain requirements are met. For 2013, the maximum foreign earned income exclusion (“FEIE”) amount is $97,600 per taxpayer (amount indexed for inflation each year). The FEIE is available only to exclude income from wages or self-employment income earned for services performed outside the US. The FEIE is claimed on IRS Form 2555.

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FILING US TAX RETURNS AND FBAR’S ISN’T THE WHOLE STORY: RULES AND CATEGORIES FOR IRS FORM 5471

FATCA FBAR International Business IRS News & Regulations US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxation US Taxes for Non-Residents

US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES Here we will briefly discuss the ownership attribution rules for purposes of Form 5471, and introduce the different filing categories under Form 5471. The rules and reporting requirements for each category of filer are unique and will be discussed in more detail in subsequent articles. Before describing the…

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US and France sign Bilateral FATCA Agreement

FATCA FBAR International Business IRS News & Regulations US citizenship US Taxation US Taxes for Non-Residents

On November, 14 2013, the US and France signed a bilateral agreement to implement the Foreign Account Tax Compliance Act (FATCA). The agreement is based on the Model 1A treaty and requires French financial institutions to report US account holders to the French government, which will then report those accounts to the US. Similarly, US financial institutions are required…

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