Are you considering purchasing real estate in a foreign country? How about holding existing properties that you plan on renting out? The requirement for reporting foreign real estate depends on the value of the real estate and how the real estate is held.

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Starting in January 2024, the Financial Crimes Enforcement Network (FinCEN) requires businesses to report information on beneficial ownership for the company as part of the Corporate Transparency Act of 2021. This bipartisan act was established to assist in preventing money laundering, terrorism, and various forms of corruption that endanger our economic wellbeing and national security.… Read More

As work fields broaden, more people work abroad earning income in foreign countries. Americans working outside their native countries are subject to Foreign Earned Income Exclusion (FEIE), Foreign Tax Credit, and Foreign Housing Exclusion on their US tax returns. These tax deductions can help save someone a small fortune. However, like other deductions and tax… Read More

Numerous residents explore foreign investments to expand their financial portfolios. These investments can be a great way to build your company when seeking resources, markets, efficiency, or different government policies that would benefit your business. When looking into foreign investments, it is important to be mindful of how the investments are structured, licensing obligations, various… Read More

Global Intangible Low-Taxed Income Imposed by the Tax Cut and Jobs Act of 2017, code IRC 951A for Global Intangible Low-Taxed Income, GILTI, was introduced to assist in preventing tax evasion by controlled foreign corporations, CFCs, where a U.S. citizen is at least a 10% direct or indirect shareholder. GILTI is the income earned abroad… Read More

Figuring out which forms need to be filled out to report your foreign accounts and assets can be a daunting task. There are many rules and regulations that need to be taken into consideration to ensure that no penalties are accrued. Consulting with your accountant can guarantee that time isn’t wasted filing unnecessary forms or… Read More