Tax information for foreign persons classified by the IRS as: resident aliens who meet the green card test or the substantial presence test in the current year; nonresident aliens who have not met the green card test or the substantial presence test; dual status aliens who change residency status in the current year; foreign students who temporarily reside in the U.S.; and other categories, including athletes and entertainers, agricultural workers, au pairs, dual status aliens, and expatriates.
Compare Form 8938 and FBAR. Understand the key differences.
The IRS provides a variety of convenient payment options to help you pay your tax bill easily. Discover the best method for your needs and stay on top of your taxes.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
Your travel calendar 🌎📅💼 is crucial for accurate tax preparation. It helps your tax professional in several ways: ✅ Determining Residency Status: Your travel records help establish your residency status, which affects your tax obligations and eligibility for deductions or credits. For U.S. citizens and resident aliens living abroad, or non-resident aliens in the U.S.,…
If you’re a U.S. taxpayer with financial assets outside the U.S., you may need to file Form 8938. This form helps the IRS track foreign financial assets, ensuring all your income is properly reported. While it may seem overwhelming at first, we’re here to break it down for you so you can stay compliant and…
Understanding Tax Return Preparer Credentials and Qualifications
Understanding the Internal Revenue Service (IRS) Streamlined Filing Compliance Procedures. What is it❓Who Must File 🕒When to file🤔How to File📚Record-keeping Requirements⚖️Penalties 📭 Post-Submission Process 🔍 Future Compliance 📝🤝 CLAN TAX can help! Hire a tax professional or 🛠️DIY. Key Changes. Eligibility Criteria: Who Qualifies? Domestic or Foreign: (SDO) Streamlined Domestic Offshore Procedures: U S Taxpayers Residing in the U. S. and (SFO) Streamlined Foreign Offshore Procedures: U.S. Taxpayers Residing Outside the U. S. Non-willful Certification. Exclusions: When Streamlined Procedures May Not Apply
FBAR: FinCEN Form 114. Report of Foreign Bank and Financial Accounts.🧾We can help!We can prepare and file your FBAR on your behalf!📝🤝What is it❓Who Must File 🤷♂️What is a Foreign Financial Account❓Exemptions from FBAR Filing🕒When to file🤔How to File📚Record-keeping Requirements⚖️FBAR Penalties🗓️Filing Delinquent FBARs and FAQ’s