Mel Whitney

Inheriting property in the US doesn't trigger an immediate tax bill – under IRS rules, most inheritances aren't counted as taxable income when you receive them. The...

FATCA and CRS are two automatic financial account reporting systems that run in parallel. FATCA is a US law that requires foreign banks to report accounts held by US persons to the IRS, while the&n...

The GILTI high-tax exception is an annual election that lets you exclude high-taxed CFC income from your GILTI inclusion when the effective foreign tax rate exceeds 18.9% – that's 90% of the 21% US corporate rate, set und...

Delinquent FBAR Submission Procedures (DFSP) allow US taxpayers to file overdue foreign account reports without maximum penalties. If you missed FBAR deadlines for accounts exceeding $10,000 aggregate, DFSP provides a com...

Tax equalization is an employer policy that keeps a US employee on a foreign assignment paying roughly the same income tax they would have paid at home. The company withholds a “hypothetical tax” from the paycheck and then covers the actual US and host-country tax bills the assignment generates – making tax equalization for US e...

Form 8288 is the US Withholding Tax Return for Certain Dispositions by Foreign Persons. The withholding agent, typically the buyer of a USRPI, withholds 15% of the amount realized (IRC § 1445(a)) and remits the tax with Form 8288 to the IRS within 20 days of the tra...