U.S. Tax implications for U.S. Citizens and Residents earning Rental Income in India
Many U.S. Citizens and residents invest in Indian property. As a result, they may derive rental income from it. Such rental income earned from Indian property may be taxed in India and in the United States.
Understanding U.S. Tax Rules When You Sell Stock in a Controlled Foreign Corporation (CFC)
Many U.S. citizens or residents, as well as U.S. corporations, own shares in a foreign corporation. If you own part of a foreign corporation and wish to sell those shares, you may need to check certain
U.S. Tax Implications on Gifts from a Foreign Spouse to a U.S. Citizen Spouse While Awaiting a Green Card
Many couples in the U.S. exchange gifts for various personal reasons, such as showing support for one another, purchasing a home, or planning for the future. In some situations, one spouse may be a U.S.
PFIC Tax Rules for U.S. Investors
U.S. investors frequently make investments in foreign markets to capitalize on better opportunities. They generally invest in foreign mutual funds, exchange-traded funds (ETFs), insurance-based savings
How Foreign Entities Can Get an Employer Identification Number (EIN) in the United States?
Whether you’re a foreign company planning your U.S. entry or already operating here, one of the first questions you’ll face is — Do we need an Employer Identification Number (EIN)?
Understanding Permanent Establishment Risks in the United States
Establishing a Permanent Establishment (PE) carries a high risk for foreign businesses with significant operations or a physical presence in the United States. The concept of PE plays an important role when figuring out a
How to Fill out Form 1116 on Foreign Tax Credit (Individual, Estate, or Trust)
IRS Form 1116, the Foreign Tax Credit, enables U.S. taxpayers to claim a credit that may reduce their U.S. tax liability on income earned abroad.
U.S. Worker Classification: Employees vs. Independent Contractors
Geographical borders have become less distinct in today’s globalised world due to the growth of remote work. This has made it more typical for foreign organisations to employ professionals based
How to claim Foreign Tax Credit on your U.S. Tax Return
If you’re a U.S. citizen or tax resident, you may be subject to U.S. tax on your worldwide income. This means that you may be taxed on the income you earn from other countries.
Understanding Refundable Tax Credits
A Refundable tax credit refers to a tax credit that is refunded to the taxpayer, irrespective of their tax liability.
If a refundable tax credit reduces the taxpayer’s liability below zero, the IRS may issue a payment to the taxpayer on behalf of the federal government.