Andrew Coleman

US tax rules, particularly those involving foreign corporations and Form 5471, can be complex and overwhelming for taxpayers. In this article, we’ll break down what Form 5471 is, who is required to file it, the penalties for non-compliance, and share tips to keep you on track with the IRS. What is Form 5471? Form 5...

Living and working abroad brings incredible opportunities – and complex tax responsibilities. Fortunately, Americans overseas may qualify to exclude a significant portion of their foreign income from US taxation using IRS Form 2555. Key takeaways Form 2555 lets you exclude up to $1...

If you earn income outside the US, chances are you've run into the issue of double taxation. The IRS offers ways to avoid that, and one of the most effective tools is the ...

Holding a green card gives you lawful permanent resident status, which means you can live and work in the United States long term. But it also makes you a US tax resident – responsible for reporting and paying US tax on your worldwide income. At some point, you might start thinking about giving it up. Maybe you're relocating for work, d...

Living abroad does not exempt US citizens from IRS reporting obligations involving foreign trusts and large foreign gifts. Form 3520 outlines what expats need to disclose and by what due date to avoid harsh penalties. This guide by Taxes for Expats is designed to help US taxpayers understand what’s required and stay fully compliant. Lea...

Many US expats run businesses abroad, and that is fine, but the IRS can step in when a controlled foreign corporation is not reported. This is where Form 8992 helps, because it shows the income the IRS needs to see under the GILTI rules in the Tax Cuts and Jobs Act. When a US taxpayer owns 10% of a foreign corporation, these rules can apply, and ...